Lake Cunningham Wholetail in Omaha

[Owen Dashner]

Investment Info:

Single-family residence wholesale investment in Omaha.

Purchase price: $145,000
Cash invested: $300
Sale price: $181,000

Contributors:
Angela Thiel, Brandon Tauber

This was a wholetail of a 2003 Celebrity starter home in a subdivision by Lake Cunningham off of 80th Street in Omaha. We bought the house directly from the seller who found our website and wanted an easy sale and no hassles. We ended up accepting an offer after a week or so on the market for $181,000 minus some seller costs of around $5,500. After commissions and closing costs, we will net around $24,000 profit.

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

It was honestly about as easy as you could hope for. I think we had one minor repair prior to closing. The seller had everything cleared out and even cleaned it (rarely happens). The house was in really good shape, mainly needed paint and some flooring, but certainly livable. If it were any other year, I would have spent a little money on some things to bling it up a little (hardware, kitchen/bath flooring, etc.). But, there is so little starter home inventory right now, it didn't matter.

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

This was a seller who Googled "sell my house fast in Omaha" and found our site. She was wanting to sell quickly because she had already moved to her new home.

How did you finance this deal?

Line of credit with 5 Points Bank.

How did you add value to the deal?

We really didn't, we had 1 repair that was about 300 bucks is all.

What was the outcome?

The house sold within a week for full price (net). We just closed on the sale today, netting about $24,000 profit.

Lessons learned? Challenges?

The lesson learned here is, when in doubt, make offers! We told the seller we thought she should list the house and would be able to sell it quickly for more money than we could pay her. We honestly thought there was about a 10% chance that we would get the deal. She called us back a couple days later and accepted our offer with no negotiating.

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

Angie Thiel with BHHS was our listing agent, as usual. Super smooth listing, great pics and easy sale.