Updated almost 7 years ago on . Most recent reply
First Ever Wholesale Deal!
Investment Info:
Single-family residence wholesale investment in Houston.
Purchase price: $140,000
Cash invested: $100
Sale price: $145,000
First and only wholesale deal to date. Got the property under contract at $140,000 put $100 in earnest money down and sold the contract a week later for a $5000 net profit.
What made you interested in investing in this type of deal?
Motivated seller
How did you find this deal and how did you negotiate it?
Direct mail postcard. The seller originally wanted 160k, but I brought him back to reality with repair costs. I knew it was going to be tight at 140k but i just went for it and managed to sell the contract a week later for 145k.
How did you finance this deal?
I didn't have to. It was a wholesale deal.
How did you add value to the deal?
Added value to the end buyer. He got a property at 65 cents on the dollar.
What was the outcome?
5k net profit
Lessons learned? Challenges?
Don't be afraid to negotiate further down with a motivated seller. If the numbers are already tight give your self more breathing room.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No
