How Nick Made $40K on His FIRST Wholesale Deal!

Imagine landing a $40,000 deal on your very first wholesale deal. Sounds like a dream. Well, for one of our Investor Thrive members, it's a dream turned into a reality. Today we're going to be breaking down this remarkable story— every strategy, every hurdle, every triumph. What's up everybody, welcome to another special episode on Investor Thrive. So today we're going to be exploring the step-by-step journey of this incredible first deal, also key strategies that made such a high profit possible, and all the lessons learned from Nick that did the deal. So before Before we dive into this call, I want to ask you to subscribe to the channel because it would mean a ton to me. So let's dive right into this call and let's figure out how Nick made $40,000 on his first deal and how you can too by taking what Nick did and applying it to your real estate journey. Let's talk about this deal. You're taking action. I know you're calling agents, you're calling to find buyers like I was showing you. Tell me how this deal happened.

So this deal actually happened just through word of mouth. I had friends at home who knew what I was doing. They knew kind of that I was investing in real estate and helping. A lot of people thought I was flipping at the start, but then they realized, you know, I'm doing this new thing called wholesaling. A lot of people don't know what that is. Believe it or not, a lot of professionals in real estate who've been in it for 20 years plus don't even know what it is. I mean, I usually have to explain it to someone new at least once a week. So So this deal actually came across an old friend of mine. He pretty much reached out to me, was like, "Hey Nick, listen, my mom, she has dementia now. She's going to an assisted living facility and I need help with the house." Big house, it's what he grew up in. I was like, "Okay, I'll see what I can do." And he's like, "I don't have time." He's a police officer, he's very busy. And I said, "Okay, I can definitely help you out." get the ball rolling and hopefully we can work together. So he didn't want to list. I told him to. I was like, listen, listing is going to be a lot more process. You're not going to sell as fast as you want to unless you maybe consider going down my path about what I'm about to tell you. So he was all open for it.

So then I told him, because a lot of people are like, whoa, are you sure you want to? Other people are like, should you tell them? Should you not? I always tell them, yeah, list it because you're going to make the most. Yeah, he did the same thing. Great job.

Yeah, and if it wasn't for the fact that he's busy, he needs to— he needs to sell, he needs help take care of his mom, then he probably would have ended up listing it, right? Um, but circumstances, you know, wholesaling, we want to reach out to motivated people, people who need to sell fast and easy. That's the— it's the big thing. And he was one of them who were connected all the— uh, I mean, matched all the points to it, and, uh, he needed to sell. So I told him, "Listen, this is what I can do for you, and hopefully we can get you out of this situation." So at that point, I went straight into analyzing the deal. Got pictures of the house. Actually, my parents live right down the street, and I had my dad go take pictures of the house for me. There you go.

There you go.

Daddy-O came in clutch for that. Then at that point, this is a fairly suburban neighborhood, very, very nice neighborhood. I'm I mean, I grew up in it and people were starting to move out. So there were some pretty juicy comps in that area that were sold in the last 6 months. So I had, I had some good numbers to work with. It wasn't one of those things where I had to dive deep into finding a good comparable for it.

Those are the best.

Like, I didn't have to do really anything to calculate the ARV.

Okay.

So then once I calculated that, it came out to close to— I was calculating around $650,000. And then I called an agent who actually sold two properties there this year in that same development. And I told him, I said, "Hey, I got this property. I'm getting ready to put it under contract. I was wondering if you could do your own due diligence on it, run by it, and we can work together. Maybe whoever I assign it to will flip it with you. I'll recommend you to them." And then you're just connecting all the— Great job.

Networking skills on point right there.

Yeah. And then he's like, "Yeah, sure, no problem." So he did his due diligence and he came back to me and he's like, "Hey man, this," "This property is worth, I mean, if it's fixed up, $740,000." Wow. "$750,000." So my numbers were a little off, but in a good way. I mean, he told me, "This is how much it's worth." And it was a good neighborhood. The house was taken care of. It probably only needed max $40,000 in repairs, basic cosmetics, flooring, paint, maybe cabinets. Update it. Yep, just a basic update. See, if it were me and I was there, I would've tried to flip it myself.

Of course, yeah.

Maybe whole tail it or something like that. Um, but that's not, that's not the case. I'm in Myrtle Beach, so that's not happening. Yeah. Um, so then at that point, um, I use your lovely contract, had that filled out, sent it over to the seller.

Easy, right? Easy.

Yeah, simple. Yeah, we agreed on a price. Uh, we agreed he wanted to get around $500 for it. Um, negotiated down to $475, so that was our, that was our price. That was our bullseye.

And then at that point— When you were negotiating it, did you already kind of have an idea of a buyer in place or were you just—

Yeah. So before, you know, I was definitely doing your method. I was reaching out to buyers I have in that area and having them look at it and see if they'd be interested. And there was a ton of interest. I mean, I had about 5+ buyers that were very interested in it. And that wasn't even posting the deal. I didn't even post it on Facebook or anything. I mean, I can't imagine how many more interests I would've got if I posted in some groups on Facebook and whatnot.

Right.

And so from that point, I had some buyers go walk through, you know, had 2 or 3 buyers walk through it. And they all, they all wanted it. I had 3 that wanted it. I had 2 of them were, they offered me around $585,000 for it. And then I had that one come in at $515,000, offer $515,000 for it. And pretty much he said he's going to live in it. He's going to end up living in the house.

So you had someone, wow, you had 2 at $485,000 and then you had one at $515,000. So that, that, what is that like $20,000, $30,000 more than the other people?

Yeah, just about.— I had a couple people come in only offering $480,000. So I would have made $5,000 assignment, which is fine.

I mean, yeah, but $480,000 versus $5,000, come on. That's amazing.

Yeah. And then at that point I was like, okay, now I got something. So I ended up sending in the contract to a title company, got it under contract. We did 14-day due diligence, which was just fine. And we did closing right, like 2 weeks after.

Dude, great job. So how did you find that ultimate buyer that you assigned it to?

I actually found him through a mutual friend who was also an agent in that area. Wow. He's got a lot of connections in that area as well. So he helped out with bringing that buyer in.

Did he get a commission as well or did he just—

Yeah, I paid him a commission. Cool, cool.

Such a good buyer, why not, right?

Yeah, yeah. I mean, he did it. I mean, he handled bringing the buyer to the property, walking through with them, finding out what they want, and then it worked out. It was supposed to be a cash purchase, so I actually— he wanted to finance a little bit of the deal, so I used my ChatGPT, asked them what I should do. And then based off your coaching and your training sessions, I had an addendum signed, and then I had some terms, purchase with the option to finance. Okay. So got that signed and sent in. So it all went really smooth. I mean, it could have There could have been a lot of hiccups in it. Yeah.

But did he end up getting a normal loan on it or did he do cash?

No, he, he put a majority of it cash down. Okay. And then he got funding for a small amount of it.

Hmm.

Interesting. So, yeah, it was just— and then he's planning on living in it for now and flipping it.

Well, those are your best buyers, the ones that are willing to live in there while they fix it. They pay top dollar, as you can see with the other guys that came in lower. It's a about finding the best buyer, right? Because you just explained to us that majority of people came in at $490,000, $485,000. So you're making like a $10K, $15K, but then through your networking skills, through reaching out to people in your sphere, you're able to find someone that would— that paid instead of getting $10,000 or $15,000 wholesale fee, which is good. You made $40,000 because you were really resourceful.

Amazing. Right. Yeah. I swear it's all talking to people too. I mean, if You can just pick up that phone and dial. I mean, the amount of people I've met through just talking and, you know, meeting up with them, it's actually insane. And yeah, I know it's going to help me out in the long run.

Yeah, for sure. And the cool thing about this is like zero marketing spend, right, on this one.

It was all through relationships.

Like a lot of people, like on their first or couple deals, they have to spend like $20,000, $7,000, $10,000 to get their first deal. Obviously, you've made some investments in yourself, but this is like, hey, this is pure profit in the sense is like you didn't have to pay off any marketing to get this deal.

But even then, in the past, I mean, you remember, Nate, when I was in the program consistently, I had about 5 to 10 deals I had under contract all fall through. Right. And it was just minor things, like either my numbers were wrong or I didn't find the right buyer, I didn't reach out, I didn't have a long enough time to find and disco the deal. Right. And then this one, it just worked. I mean, it couldn't have been more smooth. I say that like I barely had to do anything.

Well, the cool thing about it too is you're transparent the whole way through with your buyer. You're just like, "Hey man, you should list this." And he's like, "No, I really need to get it done quick." And you're like, "Okay." So then you called your buddy and you're like, "Hey, this is what's going on. I can get you a commission." Send them through. So it's not shady. You're not feeling weird. It was smooth and it was easy. And about the deals that you've done in the past, I think a lot of people when they first get started, it is not knowing what the number should be, right? Or it is not knowing what buyers, you know, you should work with. But now you just explained how you got this deal. You did a great job at running the comps. You leveraged an agent to kind of tell you what he thought it was worth. Great job. And then you leverage your relationships to find a buyer. So it looks like all through the trial and error, it got you to a point where this was smooth. Because maybe if you would have gotten this when you first started, it probably wouldn't have been that smooth for you.

Oh no, no, definitely. If I mean, if this fell on my hands when I first started, I can almost guarantee you I would not have been able to close. I would have messed something up. I would have done something wrong, and I can almost guarantee I would not have been able to close.

And how cool is that now through the experience that you've had since you've gotten started? Now it's like, dude, it was smooth because it's not that it was smooth for everybody. Like you just said, it was smooth because of the things you went through and what you learned, which is amazing. What'd you think of that video, everybody? Freaking awesome that Nick was able to do $40,000 on his first deal. My first deal made $5,000, so Nick crushed it. What'd you think? Leave a comment below so I can know exactly what you thought. Means a lot to me when you engage because I really want to know what you're thinking and what you think of the video. See you on the next one.