1st Wholesale Deal Closed
Investment Info:
Single-family residence wholesale investment in Pittsburgh.
Purchase price: $45,000
Cash invested: $25
Sale price: $64,000
Morningside wholesale. 3bed/1bath bungalow. Owner in distressed situation facing auction. We were able to get her mortgage balance paid off and put about $25,000 in her pocket in the process to get her to her next destination in life. Was able to wholesale to an investor that got a really good deal on the home with an ARV of $185,000. We were able to benefit everyone in the transaction which is what we strive to do at GPF Worldwide.
What made you interested in investing in this type of deal?
Owner was in a distressed situation and we wanted to help her put of a difficult situation.
How did you find this deal and how did you negotiate it?
Cold calling. We negotiated by listening to the customer's pain points and coming up with a solution that benefited everyone.
How did you finance this deal?
Cash
How did you add value to the deal?
By acting as a transaction specialist between Seller and Buyer. We got the Seller the money she need and the Buyer a stellar deal in a hot area!
What was the outcome?
Deal closed 03/11/2021
Lessons learned? Challenges?
Never JV on a deal because you can't control the process. Trust in the process and your own abilities and seek advice when you are stuck. Exhaust all other options first.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
JV with another wholesaler