Lots of lessons in this.
* Note how motivated the seller is,
* why she contacts Jake,
* how she found him,
* why he decided to help her,
* what he did,
* the result that made the seller cry.
JAKE DRAVES:
Hello Tom, I trust you’ll be delighted to know I picked up a check from my title company today for a wholesale deal. As a matter of fact, I picked up TWO checks – one for the assignment fee, one for the earnest money deposit I had made that most likely would have otherwise gone to the buyer but thanks to the clause in your contract, it went back to me.
Beyond this modest success, it’s the story I’d like to share with you. I had sent a DealMachine card to a property. A woman reached out to me to say that she didn’t want to sell that particular property but she had another one I might be interested in.
She had a home she had previously lived in but was now renting it to a friend for pennies. She wasn’t making any money from renting it, she’s too nice to raise rent on a friend, the home needed work (too much to list with a realtor) and she didn’t have the money to fix it, she was getting behind on the taxes, so she was getting ready to walk away from it because it was causing her so much stress.
I took a look at it and made her an offer with the idea of flipping it. It wouldn’t have been a lot of profit, but I figured I could help her out and make a couple bucks.
She accepted the offer but later revealed she still owes $5,000 more than the offer (confirmed by title co) so she would have to take $5,000 to closing, which she was prepared to do.
However, it was BLATANTLY obvious to me that that amount of money was a very significant chunk of change for her. She’s a 72-year-old widow on a fixed income. Just a good, wholesome, salt-of-the-earth woman.
If I increased my offer by the $5,000, the deal would have been too tight for me to take on. It was probably too tight before the $5,000 came into play but I really wanted to help her. I knew I couldn’t look at myself in the mirror if I had this woman cough up what probably amounted to several months worth of income at closing.
So I called an out-of-state investor I know who will pay top dollar for homes like that as rentals and wholesaled the deal to him.
She got out from under the home that had been causing her so much stress that she was ready to let the bank take it back and destroy her credit. I got a nice check and the investor got a below-market investment property.
She cried at the closing she was so happy and hugged me. Without my Traction education, I doubt I would have had such a good-for-everyone outcome. Thank you.
TOM ZEEB:
Exactly why I love teaching. As corny as it sounds, I love the fact that someone who doesn’t know me, in a town I don’t live in, was helped by someone I trained. And now everyone is better off because of all of it.
Jake sent me this after we recorded his podcast episode.
You can hear him describe his earlier successes here…
Listen here:
s5e60 2 Months to Success – Crushing it in the DealMachine Challenge with Jake Draves
Watch it on YouTube here:
VIDEO: s5e60 2 Months to Success – Crushing it in the DealMachine Challenge with Jake Draves
DealMachine app 7-day trial:
DealMachine app 7-day trial
The TOTAL TRACTION Program:
TOTAL TRACTION training program
Tom Zeeb
Traction Real Estate Mentors
