Quick Keystone Wholetail in Omaha

[Owen Dashner]

Investment Info:

Single-family residence wholesale investment in Omaha.

Purchase price: $135,000
Cash invested: $2,000
Sale price: $165,000

Contributors:
Angela Thiel, Brandon Tauber

This was wholetail deal that we recently bought in the Keystone area of Omaha. It was a 3 bed, 2 bath, 1 car garage in good shape and livable, just needed a little updating and minor repairs. We bought it directly from the owner who wanted an easy deal, didn't want to do any repairs, and wanted to pick the closing date to coincide with his daughter moving out. Nice house in a good area with a huge/deep lot.

What made you interested in investing in this type of deal?

This was a good house needed minor repairs in a good residential area in Omaha. We got a great deal on it, making it a perfect wholetail deal.

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

This was a lead that came from our PPC campaign. We dealt directly with the owner, explaining that he could likely sell it fairly quickly and make more money if he listed it on the MLS. But, he wanted ease and certainty of the sale and we were able to negotiate a good deal since we were paying cash, as-is.

How did you finance this deal?

We used our LOC from 5 Points Bank.

How did you add value to the deal?

Really all we did was remove some furniture that was left behind and gave it a good cleaning.

What was the outcome?

We ended up listing the house for $169,900 and sold it for that price, with some seller concessions of about $5,000. After closing costs and commissions, we will end up with a profit of around $22,000.

Lessons learned? Challenges?

We got the house under contract and had to wait a couple of months to close, which ended up being not a huge deal. It normally always sucks trying to sell houses in November/December in Omaha, but not this year. We had it listed for less than a week and got just a little less than full price.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Angie Thiel, our listing agent with Berkshire, as usual.