Best Wholesale Deal Yet and Learning From My Mistakes

We just closed on our best wholesale deal yet, and it will probably stay our best wholesale deal for quite some time. Several things happened out of the ordinary that allowed us to put this one under contract at a great price. We got this lead from our house buying website. It was an inherited property in a very nice neighborhood that had been rented out for the last few years and the tenants trashed it. The owner is currently unemployed and needed the cash to support his family while he looked for a new job. 

As with any internet lead, we jumped on it immediately and set up an appointment to go see the house. In most cases, internet leads are very competitive as people just have to google "we buy houses" or whatever and then just go down the list, contact multiple investors, and start a bidding war. I did my research and knew what we could offer for the house (minus repairs) before my wife went out to meet the seller and take a look at repairs needed. We ended up offering $10k less than the ballpark we gave them due to a roof leak causing a mold problem in one room. He said he wanted to discuss with his Dad (who was co-owner) and he would get back to us. I figured the bidding war would soon begin, but he called us back that night and said he would accept our offer. No negotiating, no nothing! Completely unexpected.

As soon as we got the contract signed, I contacted a rehabber (who I met on BP) to see if he would be interested in the deal, and 1 day after getting it under contract, I had an assignment agreement signed with the rehabber and paperwork submitted to the title company!

Now for the mistake - I had assigned the contract, and we had told the seller we would cover all closing costs. Unfortunately I didn't communicate this well with my end buyer, and my contract actually stated (in the fine print) that the seller would pay for the owner's title policy. So long story short, because of my poor communication, I got the contract revised with the seller to honor what I had told him, and told my end buyer I would eat the cost of the title policy - a $1653 mistake because of one word in the contract! Needless to say, I have now revised that contract to make the part about who pays for the title policy much more clear (and in bold). 

But anyway, on to what you really want to see - the numbers!

Location: Dallas (Lake Highlands)
Stats: 3/3/2, 3210 sqft, brick, pier and beam foundation, built 1979
Lead Source: Website

Contract Price: $240,000
Estimated Repairs: $80-90,000
Estimated ARV: $450,000
Assignment Price: $270,000

Title Policy (my mistake): ($1,653)

My Profit: $28,347