Not everyone believes in the concept of living on a fixed income or working for a pre-determined commission. If you resonate with the belief that the potential for earning should be unlimited based on the amount of hard work you put in, JP Haggarty's story will surely inspire you.
The Making of a Successful Real Estate Investor
Hagarty's journey skyrocketed when he switched from his sales job at a Ford dealership to getting involved in real estate. Within just three and a half months, he made five times more than what he used to earn in a month at the Ford dealership.
He made an impressive $35,000 on his first wholesale deal by just spotting the potential in a rundown house and selling it to an investor. Then he went on to secure a $29,000 deal. By his sixth deal, Haggarty had made an average of $25,000 per deal, all as finder’s fees.
If this piques your interest and you are looking for a way to increase your income, this account of Haggarty's successful transition into real estate investment is something you wouldn't want to miss.
Unearthing the Goldmine: The Journey of the First Deal
Haggarty's triumph began when he called the owner of a rundown house. Surprisingly, the owner disclosed about having another property that had been recently vacated by tenants.
Haggarty collected the address of this property and began his investigation. DealMachine came in handy for this process, which is commonly known as driving for dollars. In simple terms, it refers to driving around in search of rundown houses that could have potential for investment.
When Haggarty called the owner of the rundown house, he initiated a conversation about buying the property just as he had learned from his mentor, Zack Boothe's teachings. At the end of the conversation, the owner agreed to show the property to Haggarty.
Acing the Negotiating Game
Following the walkthrough of the property, Haggarty and the owner began bargaining on the price. JP learned that putting forward the right negotiation skills could be the gateway to bagging significant profit margins on deals. In his case, the owner initially asked for $77,500 for the house. After successful negotiations, Haggarty was able to bring the price down to $50,000, providing himself a buffer for a healthy profit margin. He was eventually able to resell the house at $85,000, pocketing a whopping profit of $35,000.
As he progressed, Haggarty found that wholesaling involved hard work initially, but it got better with time. He recounted that he had a difficult time closing his first deal. However, once he learned the ropes, he was able to use his skills to close several deals full of potential, earning a decent income from every transaction.
The Power of Investing in Real Estate
Haggarty's story reflects that with determination and the right training, one can transform their financial situation significantly. He replaced his job at the Ford Dealership with a career that allowed him to tap into unlimited earning potential.
Haggarty shares that Zack Boothe’s coaching has been a vital part of his success story. Zack's teachings instilled the necessary confidence in Haggarty and provided him with the essential structure he needed to succeed in the world of real estate.
Haggarty is now on his sixth deal and continues to bag profits in the range of around $25,000 per deal. With the confidence that the real estate journey has instilled in him, Haggarty is motivated to work hard and earn rewards that directly reflect his efforts.
About Benjy Nichols
Benjy has been a media specialist at DealMachine for the last 2.5 years. He produces, writes, shoots, and edits our media content for our member's DealMachine and Real Estate education.