A diamond in the rough.
Single-family residence wholesale investment.
Purchase price: $60,000
Brick, single family residence. 3 bed room,1 bath room. 2 car garage. Under contract. Unfinished basement and unfinished attic. House is in average condition. Needs electrical updating. Selling below 50% of ARV. ARV Estimate is $230,000 -$250,000. Market Value is $84,000 to $143,000
What made you interested in investing in this type of deal?
It's a nice house in a nice looking neighborhood. The houses on the block show pride of ownership.
How did you find this deal and how did you negotiate it?
The lead was found by an aspiring investor who is looking for a break and found this property through word of mouth. The seller had two previous offers that never followed through. I asked what the offers were, and I went lower, and got my offer accepted.
How did you finance this deal?
The only money I injected was $100 deposit. it's under contract and I'm wholesaling it.
How did you add value to the deal?
There was no value added to the property.