Investment Info:

Small multi-family (2-4 units) wholesale investment in Wilmington.

Purchase price: $55,000
Cash invested: $100
Sale price: $70,000

This was a 2-unit property in a neighborhood that we have completed 2 other deals in last year. It came off a referral from a seller we worked with on a previous deal. The owner was getting ready to retire and wanted to sell the property as-is, with the tenant in place. We were able to assign the contract to an investor who already owns another place in the neighborhood for a $15,000 assignment fee.

How did you find this deal and how did you negotiate it?

I received a phone call from the owner who was given my number by another seller we worked with last year.

Lessons learned? Challenges?

It pays to treat the people you are working with well. Obviously the previous seller was happy with his experience in working with us because he referred us to a friend of his. This deal was "easy" because the new seller already had a good opinion of us going into it, I didn't need to do much negotiation and my end buyer got another great deal.