Wilmington, DE Wholesale Deal
Investment Info:
Small multi-family (2-4 units) wholesale investment.
Purchase price: $50,000
Cash invested: $1,000
Sale price: $60,000
After about 18 months of conversations and negotiations I was able to come to an agreement with the seller to buy his property. He was the original owner of a duplex (up/down), each unit being 2 bedrooms and 1 bathroom. We agreed to a $50,000 sale price, as is, and I knew I could sell it to another investor for $60,000 based on recent sales in the neighborhood. I had a ratified assignment contract about 2 hours after I signed the purchase agreement with the seller and we closed in 30 days. Everybody was happy. Normally I would have kept this for myself as a BRRRR deal, but it was not in a neighborhood I am looking to hold rentals in.
How did you find this deal and how did you negotiate it?
Direct Mail Postcard
What was the outcome?
$10,000 assignment fee.
Lessons learned? Challenges?
Follow-up, follow-up, follow-up! Be persistent.