Updated over 4 years ago on . Most recent reply
Three weeks to $28.5k!
Investment Info:
Single-family residence wholesale investment.
Purchase price: $132,800
Sale price: $164,500
While it is not a "traditional" style of wholesale, we picked up this property at a county foreclosure auction. Of course, we had to pay the purchase in full, so we used 100% cash up front. However, we had it under contract by the time the Certificate of Title was issued, then closed within three weeks. Not a bad return for moving out money for that short amount of time. The only other investment we made was about $100 in cash toward dump fees and $150 to have the yard cleaned up.
What made you interested in investing in this type of deal?
We really liked that this was more of a hands-off deal. It was not a typical wholesale, because we needed 100% of the case available to make the purchase. We did use our own money, but we also maintain several cash money sources, in the event the need arises. The return on our personal cash justified the investment, because of the short time frame.
How did you find this deal and how did you negotiate it?
This was a county foreclosure sale, advertised publicly. It was a straight "highest bidder" process.
How did you finance this deal?
We used our personal cash.
How did you add value to the deal?
We did a trash-out and had the yard trimmed and cleaned up. We trashed the place out ourselves in three one-half days of work and used our own dump trailer.
What was the outcome?
A three week, profitable, wholesale type project.
