Updated almost 2 years ago on . Most recent reply
First wholesale deal
Investment Info:
Other wholesale investment.
Purchase price: $19,000
Sale price: $20,000
Got a lot under contract for $19k in Port Charlotte, FL.
Sold it to a builder for $20k. This was one of two lots we wholesaled from the same seller.
This was my first wholesale deal and I’m excited for my next RE ventures.
What made you interested in investing in this type of deal?
Took a course from someone I knew and seemed like a good way to get your foot in the door with no upfront investment.
How did you find this deal and how did you negotiate it?
I text blasted a list of sellers using REI Reply. We pulled the list with my partner from PropStream and negotiated a price with the seller.
How did you finance this deal?
There was no financing required, since we were assigning the deal to a buyer.
How did you add value to the deal?
I brought a lot to a buyer looking for land in that area.
What was the outcome?
The buyer bought it for $20k so the gross profit for each lot was $1k, we wholesaled two of them.
Lessons learned? Challenges?
Try to get the lot minimum $3-5k under what the comps are saying, for bigger profit margins.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Just another wholesaler
