Updated about 6 years ago on . Most recent reply
Wholesale Transaction Deal
Investment Info:
Single-family residence wholesale investment in Bay City.
Purchase price: $52,750
Cash invested: $150
Sale price: $62,500
3/2/1 1230 sq ft built 1953. Quite stable community.
What made you interested in investing in this type of deal?
This was a opportunity to help 5 siblings who inherited this house once their father passed away late last year.
How did you find this deal and how did you negotiate it?
The sellers reached out to us through one of our marketing efforts.
How did you finance this deal?
This was a assignment of contract, so no finance needed.
What was the outcome?
We assigned the contract to a local investor.
Lessons learned? Challenges?
One lesson we learned is the importance of vetting the title company you will use, especially if the deal is not local. The challenge we ran into is, when dealing with an inherited house make sure in the beginning that the seller has all necessary documents in place to sell the house.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No