Wholesaling A Property

This is a continuation of “The Great Escape” audio podcast reality show with Eric Thiele. Eric has been given assignments each week to help him get his wholesaling business started. In this episode, Eric catches us up on the challenges he has faced and the successes he has achieved over the last few months.

Eric: That’s what I’m going to do. I’m going to re-energize. I don’t have my head quite above water cash flow-wise to totally dedicate to real estate. I still have to find another contract. But, I’m going to split up my time 50/50. Mornings I’m going to work on finding a new gig. Afternoons and evenings I’m going to work real estate.

Sean: Perfect.

Eric: Believe me, I totally get it. This truly is the way to go because I’m 55 and I’m looking at this situation that’s only going to get worse the older I get, with respect to what I do for a living. There’s always going to be some younger person who only wants to get paid $15 an hour that’s willing to do my job.

Sean: Right.

Eric: Whereas, you know, a house? I’ve never heard of a house firing its owner.

Sean: No.

Eric: The house doesn’t get outsourced to some offshore country. It is the way to go.

Sean: Absolutely.

Eric: I’ve got to tell you, the other thing that I’m finding that I, you know, Sean, I’m going to be critical of you.

Sean: OK.

Eric: You don’t describe how fun it is. I mean every situation is different. Now some of the situations might come up with problems with like, “Oh, no. What else could go wrong?” But variety is the spice of life. Depending on how you deal with some of those challenge, it’s like every deal, every situation is unique. There is so much variety, you cannot get bored. It’s challenging, and there’s a big pay off in every one of these.

Sean: Right. So prior to this, to catch everybody up, you hadn’t flipped a wholesale deal yet. Obviously you were limited on funds at the time. There was some marketing. You were working on some HUD stuff at the time. But, you’re at the point where you haven’t actually flipped a wholesale house. Now you own some rental properties and some fix and flip properties that you’re working on, but never actually did a contracted property and turned around and sold it wholesale. So, from that point to now, what has happened?

Eric: Oh, man. Well, I did one. I did one wholesale. I apologize.

Sean: You apologize?

Eric: I had a property. I sold it on Tuesday. I had a contract the following Tuesday, which I figure that’s close enough to wholesale. You know, it’s flipping within a couple of days. And it turned out the buyer needed to go FHA.

Sean: Oh, yeah.

Eric: So I have to hold it for 90 days. So it’s one of those situations that’s like, “What do you do? Well, let’s do three months worth of rent and then you buy it.” So we’re counting down on those three months ticking by. So that’s one deal.

See “Eric Takes Massive Action TGE Episode 4″ Part 4…

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