Wholesaling Works

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.

Robinson: He went to see the property, and the next day, he called me, “I want to put an offer on your property.” He said, “how much do you want for the property?” I said, “$75,000,” and he said, “I’ll give you $73,000.” I bought it for $62,000 and some change and I said “Oh my God, this is real. Of course, let’s do it. $73,000 net. He said, “OK. Net.” Which means he going to pay the closing costs. So, it was pretty much the same thing as $75,000. So, I got the property under contract… well, I have to draw up the contract. How am I going to put the paper together? Of course, you have the contract on your site, so I took the information from there and I put it all together. He signed the contract and then after a little more than 25 days, we closed the deal.

I had a title company that I used to work with. I explained to her, listen I want to do this, this and this. They didn’t have any problems. They understood everything. They understood the business and how it works. We escrowed the money. I asked him for a profit of $3,000 non-refundable. I escrowed the money, and I went to closing the same day that I was closing for HUD. So, I actually was just waiting for HUD, because it takes a little while to get them everything for closing. So, I closed at my title company, both transactions. The one from HUD, and my transaction. I did a double closing. Now, I didn’t have the funds for that. In my county, in my state, we have to wet funding. We have to close with our own money. But I didn’t have any money. I talked to the person at my title company. I said, “hey I need to get some money just for my closing. I need money for a same day funding.” I got some information on the Internet. I never used them before. But I need somebody local. And she said “I’ve got an investor that can lend you the money for that day. He’s going to charge you $1,000.” I said, “all right. Let’s do it.”

Sean: Let’s do it.

Robinson: So, that’s what I did. They put the money in escrow, while everything was ready for closing. I closed the deal. One transaction first. Then the second one after half an hour. Boom, closed it.

Sean: Wow.

Robinson: That was amazing. “You want the check or you want the wire.” “The wire. I don’t want to be holding this check in my bank account for a couple of days, I just want the money right there.” I was so in need, that I wanted my money right there in my account.

Sean: That’s awesome.

See “F2F Robinson Aries Interview” Part 9…

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