Single-family residence wholesale investment in Kihei.
Purchase price: $205,000
Sale price: $225,000
Closed my first deal with my new partner, Brandon Turner!
We were offered this deal as a flip from a wholesaler on the mainland. But we already had our first two flips in escrow so we chose to pass on this. But instead of just saying no, I asked the wholesaler if he'd consider a co-wholesale since I have a network of cash buyers on Maui. He agreed and said we could keep anything over 205k. Two days later I had an all cash, 10 day closing, no contingency offer for 225k! Not a bad first deal!
What made you interested in investing in this type of deal?
The price was right, and although the profit was too small for us to flip, I knew I could find another investor that would be stoked to buy it.
How did you find this deal and how did you negotiate it?
The wholesaler called Brandon, who told him to call me and I'd let him know if we wanted it.
How did you finance this deal?
No money invested.
How did you add value to the deal?
Bringing a cash buyer.
What was the outcome?
Within 5 days of getting the call (2 days from when he agreed to co-wholesale) I brought them an all cash, 10 day closing offer with no contingencies for 20k above their initial ask price.
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