$60k assignment fee on a single family house (3 wholesalers paid)

[Jeremy Bourgeois]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $340,000
Sale price: $400,000

I joint ventured this deal with a few friends who brought the deal to me but didn't understand how to get it to closing. The property was fire damaged and the owners were 3 years behind on payments with a foreclosure imminent. We stepped in, got the property under contract and found a local buyer to buy and flip it. This was a large renovation project but everyone made out well. Myself and 2 friends were paid an assignment fee, the sellers weren't foreclosed on, and the buyer got a great deal

How did you find this deal and how did you negotiate it?

My friends found it by looking for pre-foreclosures and I negotiated the price with the sellers and buyer

How did you add value to the deal?

Locked up the deal, marketed it effectively, negotiated with sellers and buyers, and worked through title issues

What was the outcome?

A great wholesale, awesome flip, and sellers weren't foreclosed on