Ever feel bad buying houses at big discounts??
Recently, I bought a house for 100k direct from homeowners.
The place was an absolutely mess. Hoarder mentality going on. Along with animal pee, feces and even snakes in the basement. No not the kind you see Mitch from Road Trip eating. Wild snakes living in their "stuff".
I wholesaled the property to another investor for 132k and made that for about 15 hours work. He then cleaned up the hoarding junk left behind, had the place professionally cleaned, took professional pictures and put it right back on the MLS. Classic whole-tail deal. He then sold it as-is as well to a guy who "flips houses" for 182k. Now that guy is fixing and renovating and hoping to sell at 340k.
I fulfilled all of my promises to the homeowner and made sure they were in good hands. They were elderly and their health was more important to them at the time of sale. I even paid for a professional moving company to pack up what they wanted to take with them to the new house! I wanted to help them in a turn key way. Every time I saw the sellers, he shook my hand firmly with a smile and seemed greatly appreciated. She gave me a hug after closing and said "You have been so good to us!"
I felt very good about the whole process. I really did help this couple sell their house and live the rest of their remaining years where they wanted to be and not worrying about how to clean up the mess at their house!
But, there were huge profits made on this deal. I made a 32k wholesale fee. My buyer wholetailed it for a 50k gross profit. And now some guy is fixing it up finally.
I wonder what the homeowners think as they see how this transistioned, How would you feel?