I often get questions from aspiring wholesalers about the steps involved in an REO wholesale flip.
In today’s article, I’ll walk you through one of my most recent deals from beginning to end..
While checking the MLS about a month ago, I noticed a property that just hit the market. It was located in an area that I have done quite a bit of business in, and have several buyers looking for deals in..
Wholesaling REO Property Success: Case Study
The property was listed as a 2/1, and was priced at $11,000, which is a phenomenal price for this area. I recently sold a similar property in the same neighborhood for $25,000 so I knew this was priced right, and was out the door to look at it within minutes of seeing the listing.
Once I got to the property, I was pleasantly surprised. Aside from the fact that the house smelled like a curry factory, it was in great shape. It also had 3 bedrooms instead of two, which was just icing on the cake.
I rushed home to write up an offer, and had it submitted within the hour. I made the offer directly to the listing agent, allowing her to make both sides of the commission, as well as the $3,000 selling agent bonus that was being offered.