1 month wholesale flip - No repairs. 3 days work. $5k profit.

[Paul Meyer]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $8,800
Cash invested: $10,000
Sale price: $21,000

Held on the property for just about a month (3 months to close). I was planning on fixing it up and flipping it for around $90k putting $40k into it. However, after I drove 2 days through a snow storm from Virginia Beach to Urbana it only took me 2-3 hours there to make a decision to wholesale it off to the next local investor even though I had a van filled with tools. This was an unseen purchase. I knew I got it at a good price. I was immediately able to flip and sell it in 1 day for double.

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

Price. Not many deals in this price range. I only look for stuff between $0-75k to buy in cash so low inventory currently.

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

Researching auction sites/live auctions. So far I've bought 75% off auctions. Just easier, you win, you pay, you take over it.

How did you finance this deal?

All cash.

How did you add value to the deal?

Got a top notch realtor. Helped co-write a really good MLS ad.

What was the outcome?

Sold in 1 day.

Lessons learned? Challenges?

Junk property. Could have been better. If you can see/inspect something even from outside DO IT if you can't just make sure you don't pay a lot.

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

I used Ryan Dallas Real Estate team in that area. They were top 10 in Zillow.