My Lamborghini in the Snow got me a Real Estate Deal

Many of my house flips I buy from wholesalers. A wholesaler finds a deal, and then sells it to another investor. I have been buying houses from a large wholesaler in Colorado, who use buyer reps to sell the deals. The buyer reps get a commission when their buyer purchases a house from the company. The buyer reps are pretty aggressive.

Usually there is an appointment for all the interested buyers at a particular house. The buyer reps are with their buyers, and sealed bids are submitted at the house to see who gets the deal. However, my buyer rep text me at 8 PM on Friday saying they had a new deal being released to their buyer list at 8 AM the next day, but it was a first come, fist serve deal. Whoever got them $10,000 in earnest money got the deal, but you had to have a cashiers check.

I could not get a cashiers check on a Friday night, but I asked my rep if they would take a personal check if I drove my Lamborghini to the deal. He agreed! However I had to see the house at 7:30 AM to beat the other investors. I agreed to be there are 7:30 in the Diablo as long as there was not snow on the roads. Then I got a text from him saying another buyer rep would be there at 7:30 and we had to be there at 7. Luckily the other buyer rep was bragging about how he would get there before the house was released and told everyone what time he was going.

I woke up at 6 and it was snowing, but the roads were just wet, no ice or snow. I stuck by my word and took the Diablo out for its first snow drive.

The car is all wheel drive so it does just fine if I am careful. I got the house and the wholesaler rep showed up a couple of minutes later. He loved the car, we saw the house, and five minutes later I told him I would take it. I wrote him a personal check, and he sent me the contract right away through docusign. I even gave him a ride.

I guess the other buyer rep and investor were super pissed when they showed up at 730 to learn the house was already sold. I did have to go get a cashiers check as soon as the banks opened at 9 and text a picture of it to my rep.

I am buying the house for $192,000, it needs $25,000 in work and will be worth $270,000 or so. After a slow start to the year buying houses, things are picking up. I will be buying 4 on the 30th!

Here is more info on buying from wholesalers: https://investfourmore.com/2017/02/20/how-to-get-a-great-deal-from-a-real-estate-wholesaler/