Greetings BP family,
I was recently contacted by a young man who was interested in helping his farther-in-law sell one of his houses.
This particular house was a 1500 square-foot, 2 unit property in the one the busiest blocks in west Baltimore I ever seen. The properties condition was subpar and dilapidated. The cooper piping had been extracted from every place imaginable and it suffered from a stench of mold so strong that it greeted your nose intimately as soon as the front door was opened.
This property had been on the MLS for roughly over a year and had a limited amount of interest, as communicated to me by the owner. It just sat there like a 3rd string QB in the Super Bowl. The owner was a funny, lucid, and well dressed pastor that had to be at least 70 years old. He had trouble finding a buyer for the property and needed it sold a.s.a.p. as the property taxes and fines were starting to mount.
After conversing with the owner and hearing his dilemma, I was empathetic with his situation. He obliviously had hard assets but couldn't liquidate them to take care of his obligations. His attempts to sell on the MLS had been for not. I'm assuming either the commission for selling this property wasn't worth the realtors sincere efforts as it was priced only at $20,000 on the MLS, or the environment in which it was located hindered realtors or perspective buyers interest.
Nonetheless I was able to make the owner a equitable offer which he accepted. I then went to my mental rolodex and notified those investors that would have a particular interest in such a property. After getting feed back from some of my regular buyers, I had an appointment to show the property within the same week. While waiting for my investor to show up I literally witnessed about 4-5 drug transactions take place 15 feet away from the property. After witnessing that I thought, the 3rd sting QB had to be there for a reason, but given the right circumstances he might just see some action.
I continued to market the property and inform my buyers of the culture of the area as they viewed it. However, Low and behold 5 weeks later I was setting at the closing table with none other than a realtor that took interest in the property and the Pastor who was dressed in his Sunday best and awaiting his check. I was able to grant him the exact amount I offered. I picked up my check, and my buyer got the deal she wanted. All parties involved were satisfied.. Checkmate!!!!!!
This deal was more than just gratifying; it was a testament to the reverence for wholesaling.
great story. how much did u make on it?
Drug dealers need a place to live also! :)
Good job. I'm glad the pastor was able to offload property and hopefully the new owner can do something useful with it.
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