Posted by Matt-OH on May 25, 2001 at 11:02:19:
Did this kid also have the buyer lined up in advance, since thats a lot of cards to put on the table if it falls through? Or did he buy with a weasel clause, seems like no since he got it at auction-can you do clauses like that when buying at auction anyway??
Matt
Speaking of age… 18 year old nets $950k - Posted by SCook85
Posted by SCook85 on May 23, 2001 at 22:03:08:
Since we were on the topic of age in a post lower down the board, I recalled a deal that someone I met at the convention did at the age of 18.
His name is Hector- his second deal was a wholesale deal that he picked up at auction for $650,000, 6 weeks later he wholesaled it to another investor for $1.6 million. That is a profit of $950,000. There are many more details to the story, but the point is this- AGE DOES NOT MATTER. Hector at the ripe age of 18 made more money on one wholesale deal then anyone else I have ever heard of.
Happy Investing!
Steve
Re: Speaking of age… 18 year old nets $950k - Posted by Alex Gurevich, TX
Posted by Alex Gurevich, TX on May 26, 2001 at 24:16:39:
Only proves again: We can do anything, until someone tells us we can’t.
A perfectly while piece of paper is sometimes much better than a sheet with complex formulas written all over it.
Re: Speaking of age… 18 year old nets $950k - Posted by Eric (NH)
Posted by Eric (NH) on May 24, 2001 at 18:27:19:
I’m curious how an eighteen year old with one alleged deal under his belt got 650K in cash or financing in order to take title before flipping.
Eric (NH)
Isn’t that illegal? (NT) 
- Posted by Randy McKee
Posted by Randy McKee on May 24, 2001 at 17:07:16:
hahaha
Re: Speaking of age… 18 year old nets $950k - Posted by Tr
Posted by Tr on May 24, 2001 at 17:01:05:
Wow!!
(So you don’t need to be in your 50’s, male with a full head of hair greying at the temples to do these type of deals??) :0)
The real question is… - Posted by ChrisG(OH)
Posted by ChrisG(OH) on May 24, 2001 at 12:31:37:
How did he do it? Would you be able to give us any details on how the purchase and sales was structured for this wholesale?
Thanks!!
Re: Speaking of age… 18 year old nets $950k - Posted by jenny
Posted by jenny on May 24, 2001 at 07:23:19:
That sounds like an urban legend to me.
Re: Speaking of age… 18 year old nets $950k - Posted by evelyn
Posted by evelyn on May 24, 2001 at 03:10:43:
absolutely outrageously SPLENDID!!!
evelyn
Re: Speaking of age… 18 year old nets $950k - Posted by SCook85
Posted by SCook85 on May 24, 2001 at 19:35:37:
He assigned the deal. On his first rehab he made $45k and borrowed $5k more from his parents so that he could put $50k down at an auction on the $650k property.
He then assigned his contract to another investor. No other cash or financing needed.
Steve