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January 2017

Calculate your opening offer

Then knock $5,000 off it

A few years ago I befriended a very savvy investor named Chris Carlson. To best describe Chis in one word, I'd say he had presence. You knew he was in the room. You definitely knew he was at the table. He was theatrical. He was engaged and engaging. He wore the craziest shoes and put together great deals. There was this one particular deal one of his buyers told me about. The buyer negotiated a price. He and Chris then went to the property to meet the sellers. They were all sitting at the kitchen table. Chris was looking at the contract, pulled out his pen and crossing out the contract price he said, "This isn't the right number." He wrote in a number $5,000 less and announced, "This is the right number." Then slid the contract back across the table to the sellers. They looked at him. They looked at the contract. They then signed it and the deal was done. Chris made an extra $5,000 with the swipe of a pen. He once very loudly told me, "I invented the $20,000 wholesale fee!"

This seller called me in early January. He bought the house about 30 years ago and now his drug addicted daughter, her loser boyfriend and his junky friends were using his investment as a flop house. He wanted to sell and buy another investment property closer to his home.

I ran my numbers and came up with a range of $130,000-$140,000 to offer. As I sat there looking at my numbers, I decided to offer $125,000 for no other reason than I just felt like it was "the right number." It was a quick call, but the deal was done. I closed the seller at $125,000 and wholesaled the house for a $33,000 fee. Not a bad way to start the new year! Thanks Chris!

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