Wholesale Deal #2 Done!
Hi everyone just wanted to give everyone a quick sysnopsis on my second wholesale deal I just closed.
In a nutshell the deal took about 6 months from beginning to end, and in that timeframe I closed on my first wholesale deal in a lot less time. I actually knew the seller, so that also helped with keeping the deal alive.
I wholesaled land which had debt (HELOC) and back taxes that had to be satifsfied. The biggest hurdle of this deal was trying to find a buyer because the land needed new septic, so your typical buyer was not interested in buying because all the work, I.e. New contrustion. I called a bunch of builders and and no one was interested. I paid almost 1K, to keep it from going to tax sale as well completing all the probate.
Finally I partnered with another wholsaler and we were able to get it sold.
I almost forgot the best part at the closing table my seller threatened to walk out and not sign the settlement papers because he found out the check was not made out to him directly but to the estate. Since I had my money tied up in this now, as well as 6 months of work, I decided to help the seller out by giving him some money until his check cleared. Seller signed the paperwork and I got the money I lent him on last Friday.
All in all I gambled by lending the seller money but the deal needed to get closed, and as I said I knew the seller.
So now I'm working on deal #3. Thanks