First wholesale. Money that came easy is quickly lost.
I used Zillow to find this property. The story behind this guy was he had an extra property that he had to kick his son out of because of drugs and such.
I asked him if he would sell it for what he owed on it and he said yes. I have him a $20.00 deposit with the contract that allowed me to market the property.
The mortgage was roughly $27,000 and the ARV was close to $60,000.
I found a buyer for $35,000 and I just assigned the contract for the difference.
I hope to never have to do this again without the ability to close myself. I was really terrified but it went through.
I ended up using the money for things that don't appreciate in value so I had to start from the bottom again.
Great earning experience.