Detroit, MI Wholesale to Fix and Flip

[Todd Vernon Chunn]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $73,000
Cash invested: $65,000

This was a fix and flip that I wholesaled to an investor.
I got it under contract with the seller for $65,000 and wholesaled it to my investor buyer for $73,000.
His rehab was $65,000.
He currently has it listed on the MLS for $184,900.

What made you interested in investing in this type of deal?

This was a good fix and flip opportunity for an investor

How did you find this deal and how did you negotiate it?

The seller was a local investor that is selling his inventory to move to Florida.

How did you finance this deal?

I wholesaled this to an investor that has access to private lender.

How did you add value to the deal?

I knew the ARV in this area of Detroit pretty well. I figured that I had to be all in at 75% (which included sales price, repairs and my assignment fee)

What was the outcome?

It is currently listed on the MLS for $184,900

Lessons learned? Challenges?

From the investor side the project took approximately 30 days longer than he originally anticipated.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a Real Estate Agent and Wholesaler in the Detroit area Market.