Large multi-family (5+ units) wholesale investment.
Purchase price: $340,000
Cash invested: $1,000
Sale price: $440,000
I got the property under contract direct with the seller. Found a buyer while trying to wholesale the property. I decided to double close the transaction due to the profit margin. HUD attached on my profile deals.
What made you interested in investing in this type of deal?
The value of the building vs what the owner was asking.
How did you find this deal and how did you negotiate it?
A RE broker brought me the deal off market. There wasn't much of a negotiation. I gave the seller what he was asking.
How did you finance this deal?
Yan from Armitage St LLC did the transactional funding.
How did you add value to the deal?
By finding the end buyer?
What was the outcome?
A good pay day.
Lessons learned? Challenges?
The property was set up as a 5 unit building, but it only came back as 4 units when we got the zoning back. The end buyer tried to negotiate down but we held the line and didn't move on price.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would absolutely recommend Yan for any of your funding needs. I've closed several deals with him and he's been a pleasure to work with throughout the years.
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