Deal that told me I was doing it right.
Investment Info:
Single-family residence wholesale investment.
Purchase price: $100,000
Sale price: $105,000
This was a wholesale I did that I'm pretty proud of, because I had a buyer for the property within minutes of getting it under contract. It shows my network, targeting, negotiating and knowing my buyer and seller was on point. This home was turned into an airbnb and is being transformed into a duplex.
What made you interested in investing in this type of deal?
The speed that I can do deals. I am always looking for deals and making offers. So I might have more than I can handle at any given time. Wholesaling allows me to keep making offers and making money.
How did you find this deal and how did you negotiate it?
He found some of my ads and texted me. I capitalized on the issues they had had selling before with buyers not coming through.
How did you finance this deal?
OPM
How did you add value to the deal?
Before negotiating I look at possible exit strategies at different price points, because I believe they change as price changes. Then I looked at my buyers and looked at who would profit most at the different price points, because that changes as well.
What was the outcome?
I made $5k at closing from a turn key property. My buyer has a high grossing rental.
Lessons learned? Challenges?
Always prospect, Always. Don't throw away a deal because of the price there is always a way to make money.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not on this deal.
