Take down resell

[Dw Chalmers]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $47,000
Cash invested: $7,000
Sale price: $85,000

This deal was sentimental as I grew up on this street and wholesaled a house across the road just 1.5 years ago. I found this property driving for dollars after leaving the barbershop 🤣 and noticed it was being trashed out. I contacted the owner, left a voicemail, and got a callback a week later. We agreed on $47K, closed in 10 days, and resold for $85K. Another higher offer came later, teaching us the value of having a dispositions specialist. A great deal and learning experience!

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

House was distressed

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

Driving for dollars cold the seller over the phone made an appointment to go see the house

How did you finance this deal?

Hard money lender

How did you add value to the deal?

purchased it deeply discounted

What was the outcome?

$28,000 profit

Lessons learned? Challenges?

always allow the market to tell you how much a home is worth instead of going with what you think a house is worth

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

yes