What's Your Best Wholesale Deal Ever?

Question

I am looking for my fellow wholesalers to share with us their "Best Wholesale Deal" ever. This is to inspire both newbies and experienced investors alike. Put here the numbers: ARV, repairs, your offer and your profit...and also describe why you think this is your best wholesale deal ever.

Let me start with my best wholesale deal ever.
This is not my most profitable deal.
But this is my best wholesale deal ever because this is a shortsale that almost never happened. But in the end, all the pieces fell into place and everyone in the transaction are happy.

It's a shortsale.
I bought it from the seller for $71K. It's worth $140K fixed up.
I almost did not sell it because a previous buyer who looked at it said I missed a repair item (it turned out that rehabber was exaggerating the repair amount) and I should lower my selling price. But by marketing it extensively, I found my buyer who paid me $88K for it giving me profit of $17K (he paid for all the closing costs).

The seller is happy because she can move on with her life and the bank did not go after her for the foreclosure.

Bank is happy because they have one less bad loan on their books (which by the way is a big liability for them because of themold issue).

The rehabber who bought it from me sold the house for $140K (in 8 months)...he made about $25K.

What about you?

Wendell De Guzman · Answer

I should have checked the box that says "Notify me when a reply is posted"...OK @Dell Schlabach , I am reactivating this post.

Awesome deal @Wayne Brooks : you bought a house for $16K and all you did is put all the garbage into a dumpster and you sold it for $43K. You're da man!

@Jerry W. , great story. I love it. It's true: one man's trash and another man's treasure.

OK folks...who has a wholesale deal they like to share? Why is it your best wholesale deal ever?

Dell Schlabach · Answer

Maybe we should start a new thread " Whats the best wholesale deal non-wholesalers have done".

I also dont consider myself a wholesaler but have do about a dozen wholesale deals, couple dozen more if you count the homes I trade to a rehabber for cheap rehab money.

Jerry W. · Answer

I am not a wholesaler, well ...  I looked at a really nasty house, huge nice yard with a small 2 room (not 2 bedroom) rental on the side.  It had been on the market for about 2 years.  When my wife looked at it with me she said she wanted to go home and shower.  My handyman who I offered to to let him have half said it was too much work.  it was listed at $50K and after much negotiation I got it for $34K.  I knew I could rent the small rental out within 30 days for a couple of hundred and the garage for maybe $75 per month, thus breaking even on the payment while I worked on the main house.  I had someone come and ask me to remove my offer so she could buy it, I told her no I had an accepted offer because I intended to buy it.  I asked her if she was interested in buying it from me after closing and she was.  I sold it for the $50K asking price of the first owner about 2 weeks after I closed on it.  My best wholesale deal and I am not a wholesaler.

Wayne Brooks · Answer

@Darrell Lee Expired short sale listings usually have some problem which is why they didn't sell.....too many liens, mortgages., the seller doesn't qualify, etc.  my best percentage wholesale, not the largest in the world though....bought for $16k, emptied the trash into a dumpster, sold to a rehabber for $43k.

Dell Schlabach · Answer

Reactivate this thread, sure there are some wholesalers with good stories.

For me, I have a friend wanted to learn the business, we had agreed on a profit split on the first three deals while I provided hands on training for him to learn the business. I found the deals, lined up funding, designed the rehab...after the first one was complete, he was whining about how much money I was going to make. Told him if he wants to make the big money, I would be happy to let them do it on their own... just pay me 2,500 each, next day I had a check for 7,500.

Darrell Lee · Answer

Would you say wholesaling a short sale is complex? I was considering Marketing to a few Expired Short sales from the MLS in my area and I'd like to hear from those who have done it.