First wholesale deal in Memphis area

8 Replies

I am very new to wholesaling part of REI, but I am meeting the owner of a house tomorrow morn that needs out quick and all the numbers seen to work I think. It's in colonial hills subdivision in Southaven, MS, a 3/1.5 and one carport that I can get for $45k, it already has a new roof, 3 yo furnace, 4 yo water heater and is already about 80% finished, however his partner, that was helping him fix it up to sell, died. So hence his motivation to sell ASAP because he already bought a new house and needs this money to pay the new one off. I guess my question is that I'm wondering is someone out there that can reaffirm that this is a good deal? Pm me if possible and I will give the details. Thanks all! I am not trying to sell it on here I already have 2 potential buyers lined up in Memphis.

Sounds good. I have 7 in CH and like it for rentals. How much more $$ has to go into it and how much are you asking? I paid $58k for one recently that was wholesaled to me and needed nothing but I wouldn't go much higher than that because I can buy them much cheaper and fix them myself.

I figure 6k for a new AC(1600) carpet, tile and a little paint(3400) most the interior was painted already it just needs one room painted n some touch ups. then the vanities, toilets are already in the house just need to be reset along with the shower valves. Other than that it's in good shape. I took a lot of pics and will talk with my mentor tomorrow I just wanted to check on here to see y'all's thoughts as well!

thanks for the info Eric! I think I got it sold today and will be very excited to actually close on my first deal. I have an acquaintance I know with 6 rental houses in Memphis that is tired of dealing with, after 10 years, so he may allow me to help sell them as well, so I hope to gain more experience soon!

Are any of those Memphis properties in Midtown? If so, I would be interested as I am actively looking for a new property or two.  

My folks have bought and sold a few in Colonial Hills and your price seems to be a good one.

I'm not sure yet, we are supposed to go to lunch tomorrow and talk about them and his situation so I can see if I would be able to help him off market or if he just needs to list them. If you ever want to meet up and talk feel free to pm me. Thanks- 

Originally posted by @Michael Hayes :

@Stephen Rogers I'm no expert on Southaven, but houses in that area go for somewhere in the $100,000 range right?  Sounds like you got a great deal!  Congrats on the first one! 

Man I wish this house was worth that much lol. In reality though it's probably worth 75k-80k ARV. But thank you!