My First Flip/Wholesale at 19 Years Old
Investment Info:
Single-family residence wholesale investment in York.
Purchase price: $175,000
Sale price: $210,000
I was walking past the property when I saw the snow had not been shoveled and no lights were on. I sent a text message to the owner telling her I was looking to purchase a rental property and she responded right away. The next day we went to lock up the property for what she owed due to her wanting to offload the property very quickly. I had one of my own clients purchase the property as well.
What made you interested in investing in this type of deal?
It was a very simple flip with no work done, no cash needed, no repairs needed.
How did you find this deal and how did you negotiate it?
I found it walking just outside of my neighborhood. I let her tell me what she needed to get out of the home.
How did you finance this deal?
No financing required we put no money down.
How did you add value to the deal?
I brought the buyer right away and we took on the responsibility if any repairs were needed after inspections.
What was the outcome?
A profit of around $30k split 50/50 between my mentor and I.