Updated almost 8 years ago on . Most recent reply
$32,000 Quick Profit!
So, just got a small $32,000 check for a quick wholesale deal.
We found a small older house on a larger lot listed for about what it was worth. With a little bit of effort in the planning and zoning office, we discovered that the property could be turned from 1 home and a large lot to 1 home with 5, count them 5, duplex lots.
We put the property under contract, drew a site plan with the planning administrators and then offered the property to our large list of builders and developers. We got crushed with interest.
Highest and Best Use. We look at properties for what they can be, not what they are. Good times. Attached are a few pictures.
We love real estate. The best part is that all the properties in the area are the same zone. We have several others that we are putting under contract now. Looking at a property's highest and best use is very profitable.
Most Popular Reply
@Mike Watson Sounds like the one time I made 50k on a wholesale deal in 24 hours because I was up at 10:55 pm at night looking at the MLS and put the property under contract at 7:50am the next day.... This property that I am talking about was listed as a Single LOt "30x100" and as a 30x100 you can't do anything with it....
I found out that this property was actually a double lot 60x100... and that makes it a KILLLLLLERRRRR deal. Put it under contract for 175... called a single person .... got an offer 210k.. I told him 225k Min.. and then closed the property in 3 weeks. All because I was on the MLS at 10:55pm at night and had the balls to call the realtor at 11pm...
Like you said, real estate is great, just gotta hustle and know what it feels like.