In this REI Uncovered podcast episode, Jordan will share…
- How Jordan Got Into REI
- Getting The 80K Deal
- How To Get An 80K Deal?
- Flipping Vs Wholesaling
How Jordan Got Into REI
Jordan was tired of the 9 to 5 working schedule, so he contacted his local REIA and learned about all that is available to him. He started doing it as a side job but then partnered up with Tim who helped turn things into something more than just additional income.
Nowadays, Tim does all the marketing and Jordan does the sales part, for him, it is easier that way because he is able to focus on other things.
“I’m not running the biggest business; I think part of me doesn’t even want to run like the biggest wholesale business. I wanted to be successful, I wanted to afford me the life to be happy”
Getting The 80K Deal
He was contacted by the seller in February. She wanted to sell because of personal reasons, and at first, she asked for $250K; however, there were cosmetic repairs that needed doing, which came out to around $60k-$70k worth.
When Jordan first offered his asking price, it was around $130-140k. He didn’t get an answer from the buyer so he left for almost 9 months before coming back with a new deal – 160K! After repairs were made and finally all finished up in November where we closed at 251k ARV which shows how much potential this place really has to offer.
How To Get An 80K Deal?
The most important thing you can do is follow up. Create rapport with the seller and treat them well, because they are relying on this relationship to make their sale happen smoothly. Following up is a great way to show that you’re not going away and make sure the seller stays in contact. In some cases, they may value having someone who will work with them more than higher pay because of how much trust there already exists between each other.
“Following up is key, that’s how I’ve gotten a majority, I’d say 80% of the deals are from following up.”
Flipping vs Wholesaling
Jordan’s experience has been that if you want to make the most of your time, wholesaling is for you. You get more out of it but every decision should be made on what makes one happy or contented. He loves the thrill of negotiating and trying to get a good deal for both parties.