myEmpirePROI have my full blown story, starting from 2004 December, there is a video that I’m going to suggest that you watch.
All you wanna do is simply google “Wholesaling 101 Ola”.
Let me actually see if that works.
I need to make sure that works before I send you to go do that.
But it should work…
Yes, that brings up…
Actually, that brings up way too many videos.
No, actually, it brings it up.
There you go, so it brings it up.
It should bring it up at position number 1 on Google results.
It’s called “Free Wholesaling 101 course”.
If you wanna know my full story, I talked about…
One of the videos in the modules is actually how I made $82,000 from one deal that happened in 2006.
I’ve been trying to beat that record, but haven’t done that.
Average per deal is $25,000 but a lot of times, there’s partners on the deals that have to get paid and stuff like that.
Actually, I have never really sat down to do the math of how much I net because netting to me…
I also have a family member who is also a business partner.
So, I don’t know exactly what that means, but all you need to know is per deal average… $25,000.
It depends on your location or the location you decide to target.
If properties are below $150,000 or less, you can expect that there’s not enough spread to make $25,000 average.
But there are many people that are doing extremely well making $7,000-10,000 average on a deal.
I have made $0 on a deal before.
So basically, I did all the work that was supposed to be done.
Meaning I had a motivated seller, I had a good house….
We did the deal and at the end of the day and everything, I walked out with nothing.
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Why?
Because we found out that there was a lien against the property that we were not told… we didn’t foresee.
The only way we could close the deal is to take care of the lien, but what we did at that time is that we hired a lawyer.
The buyer agreed to pay the extra, a little profit for us, but they paid in the form of a promissory note.
So basically, they now owe us money.
…Kind of like a mortgage, they owe us money.
I think it was like, $10,000 against the property,
…so they wanted the deal; the deal was such a good sweet deal for them.
They wanted the deal, they paid the extra 10 grand, but they paid it in the form of promissory notes.
Because there was financing on the table that only covered a certain amount of money.
So, kind of, we finance the deal with $10,000 that would have been a profit and then we just kind of forgot about it.
I say we because there was a partner on the deal 50/50 and basically a few months down the line, my partner called me and said:
“Hey Ola, I’m sending you a $5000 check. We just got paid.
Our buyer did the house, rehab the house, close the deal, and we just got sent a $10,000 Check.”
I was like “yehey!”.
So that does happen.
Again, you’re gonna make big money sometimes, you’re gonna make in between money sometimes.
TRENDING: Flipping Houses with FUN Phone Calls – myEmpirePRO LIVE PROSPECTING S1E5
That’s why you don’t wanna get stuck on “I wanna close my first deal”.
It’s a beautiful thing.
It does change your life and it’s a proof of concept when you do close your one deal,
…however, you wanna build a system that continues to spit leads into your pipeline.
So you’re not at the mercy of one deal that fails, you can’t make any money and you’re disappointed…
You should have a pipeline.
It’s better if you build a pipeline.
Alright, that’s all I have for you on this particular session.
Hopefully, you’ve been enlightened and educated.
Don’t forget, go to SmartRealEstateWholesaling.com to get the book for free.
If you’re brand new here, It’s a book you need to read 10 to 15 times.
Why?
Because your mindset is primarily what drives your business.
HAVE YOU SEEN THIS: More Video on our YouTube Channel
It drives everything, your energy,
…the energy you bring into the game.
Do you bring a champion mindsets in the game or you’re just a “I’m frustrated”, right?
All of that is gonna be driven by your mindset, not necessarily by the reality of life.
So just keep that.
That’s why I said, read the book 10 to 15 times.
If you go there right now, I’ll give you the second book, “Real Estate Money Secrets” for free as well.
And the option of Kindle, the option of buying it on Amazon, audio book, all of that option is back there as well.
Frequently Asked Questions [FAQ]
The highest I’ve made after years of flipping houses is $82,000 and I am still trying to beat it.
An average flipper make less than $5,000 per year and there are many making more that $1 million per year. It’s all about your marketing skill set and ability to find deals.
It’s a boundary set by investors to account for profit goals and cost associated with the business of real estate investing when scouting for deals.
They simply multiply the after repair value (ARV) of a target subject property by 70% and adjust the product for repair cost estimate. (70% x ARV) – Repairs = Maximum Allowable Offer (MAO)
Flipping houses is not a career. It is a business.
You can get in the business of flipping houses for less than $1,000.
However, there is no cost too much for a proper coaching and mentorship when an average deal can net you a profit of $25,000 or more. My personal highest is $82,000.