So we signed the contract and I paid an earnest money of $1. (This mean the most I could lose if the deal fell through was $1 - talk about a “no-risk” deal)
So I kept following the steps...and I advertised the property to get a cash buyer. (I’ll teach you how to do this in the book).
And soon a real estate agent was interested…we negotiated and agreed on $25,000 for the house which meant there would be a $5,000 spread for me.
Being a newbie, I explained to the agent that I had it under contract with the seller for $20,000, and of course, being a greedy agent as many (not all) of them are, he said in order to recommend this deal to his buyer he would need $2,500 of my $5,000, I agreed and we closed it 10 days later. “What’s Half of Zero?”
I made $2,500 on my first deal, but it might as well have been $250,000 because I had failed at so many other businesses and this validated me.