Wholesaling Steps

This is a continuation of the Flip2Freedom podcast with Sean Terry. In this episode, Sean interviews Robinson Aries and finds out how wholesaling took him from bankruptcy to making bank.

Sean: Now, you’re still watching my webinar, right?

Robinson: I’m watching your webinar. I’m watching how you’re doing it, because in that webinar you were explaining on the HUD site. You were explaining how to bid, how to put in the offer, how to check the status of an offer, everything. So, I said, “this is it. I’ve got it.” So, I called my broker and said “I need to put some offers on these properties.” She put the offers in for me. I gave her the numbers that I wanted to put, the offers. I went very conservative. Back in that time, you were saying that you go around 71% and also try to bid low in order to wholesale the property. So I put pretty much put all of them at 71%, 75% and of course, I didn’t get anything in the beginning. After two days, I got an e-mail from her, saying that my offer was accepted. And I said, “wow. What is this?” So I got the offer accepted. Immediately, I went to my office, printed the contract, and put on escrow money. It was $1,000 for the property. I sent the whole package. I reviewed with my broker item by item. I wanted to make sure everything was fine, and I sent it to them. Suddenly, after 48 hours, my offer was accepted by HUD. I received another e-mail from them. Then of course, I had 45 days to close the deal.

Sean: So, you listened to the webinar. You made bids that night on properties, the night you listened to the webinar. Because you watched the webinar, you saw to check the box to hold for backup. So, you didn’t get anything, but two days later you got a property. One of those properties came back, you were the accepted bid. You sent all your papers. So, within less than probably five days or four days, you had a property.

Robinson: That’s right. That was the way it was. I was so desperate at that time that I was like “Oh my God. I’ve got to do something right now. I have nothing to lose. I just need a little money to put on a piece of property and that’s it. I’m going to jump on this.” So, that’s what I did. And at the same time I was looking, because as I said before, I was working with short sales, and it is so much time to get approved. So when I found these with you, I said “Oh my God. This is what I want to do. I was looking for something to do right now.” I was looking for something to profit easily, because I was putting in offers for bank owned properties.

See “F2F Robinson Aries Interview” Part 7…

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