My first wholesale transaction (the start of my network)
Investment Info:
Single-family residence wholesale investment in New Hope.
Purchase price: $26,500
Sale price: $32,500
This was a nail-biter. 14 days to close - READY , SET , Go! There were 7 hot buyers, then as the days counted down there was just one. The seller was an experienced investor. She was very good to work with and provided me with all the data I needed. I then leaned on my mentors and they used their network to put me in touch with the final buyer. The buyer and I still connect every few weeks about deals. This business is truly a network of people business.
What made you interested in investing in this type of deal?
The willingness of the seller to work with me and the cash flow of the property.
How did you find this deal and how did you negotiate it?
I marketed to rental properties in the Huntsville area.
How did you finance this deal?
I wholesaled this deal to the final owner.
How did you add value to the deal?
I found the property and followed-up with the sellers. I then brought this deal to the final buyer who had been in the business for many years, but never actually bought a property for himself. This was his first buy/hold property.
What was the outcome?
Wholesaled the deal within 12 days. The buyer and seller met for coffee afterwards and now we have extended our network of real estate friends.
Lessons learned? Challenges?
Since this was my first my buyers list was short. I had to stop everything I was doing on the marketing side and start looking for buyers. I would recommend you have some sort of buyers list always worked on and ready. So, when a good deal or property like this arrives you can act fast.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My mentor is an experienced person.
