Hey, guys. It's Mike with House Flipping School. Welcome to the House Flipping School whiteboard. You just heard me talk about the art of the deal, and how we structured a deal to make some money before we sold the property and cashed out with our profit.
I left out some important information, and quite honestly, I forgot about it because this deal happened about a year ago. I want you to pay attention because it's kind of funny in a way, and I stumbled across it when I presented the loan package to the bank in trying to borrow some money.
Hey, guys. It's Mike, with House Flipping School. Welcome to the House Flipping School whiteboard. If you notice, I got a smile on my face. I want to share with you the little smiley guy up there, as well. My film crew, Ralph behind the scenes and Ryan, well they have not even heard of this deal yet.
This is one I have not shared with too many people, so I hope you enjoy it. What I'm calling this one is 'the art of the deal', because quite honestly, I didn't even set out initially to put this deal together in this fashion. It all kind of unfolded like this, and I had that kind of 'aha' moment myself on this one.
Ryan: So I am back here with Mike and we're talking about the Onset, Massachusetts property. Now, Mike, I know you worked with a wholesaler for this property. I am interested in the money. How did he get paid? How did you go about that? I want to know the specifics.
Mike: That's a great question, Ryan. I get asked that question a lot, and what I find with people who don't quite understand this business, who are getting into it for the first time, they always want to try to negotiate with the wholesaler. There are times when you do want to negotiate with the wholesaler, but first you will need to identify what the numbers are and understand the numbers. I'll get specifically into that in a second.