Tobin Hill Wholesale Deal

[Aaron Bihl]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $175,000
Sale price: $200,000

This was an inherited house that I think came from a google ad. It was a little messy and like most of these took a lot longer than I would have liked.

Originally started talking to the family in August and it finally closed last week. There 5 heirs involved who all had to get on board.

I love the location and will likely regret not keeping it, but I don't do gut rehabs anymore.

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

Offmarket, I believe google ads. Maybe SEO

How did you finance this deal?

I didn't

How did you add value to the deal?

I got the squatter out

What was the outcome?

It was fine, at one point I thought I was going to have to take it down and evict the family member living there but thankfully was able to work something out with him.

Lessons learned? Challenges?

This is a fairly typical deal, it takes months to materialize. There are several heirs and some title stuff that needs to get cleared up. And then you add on a family member who has been living there for free and doesn't want to leave. At the end of the day I worked out an agreement to pay him to leave.