Most Difficult Wholesale Deal We've Ever Done

[Troy Peterson]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $52,900
Cash invested: $52,900
Sale price: $150,000

Most difficult wholesale deal we've done. originally bailed it out from a tax deed sale by paying taxes and getting a quit claim the day before the auction. It was owned by four brothers, and 2 were deceased. We paid the back taxes of 10k and got quit claim deeds from the two living brother. We then started probate on the two deceased brothers. We then found one of the decedents had an IRS lien for 80k that we had to negotiate and settle for 5k. Then COVID restrictions hit and slowed everything down. The final obstacle was with the final heir on the last probate, which was a guy in prison out of state. We were finally able to get an attorney to go into the prison system and negotiate a settlement with him to release the final probate and get complete and clear title. At that time we had spent 3 years to get this title clear and invested a total of almost 53k. We then sold it for 150k and cleared a profit of approx. 92k after all expenses.

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

WE know that you have to solve many problems to get to a good profit. This one had all the problems. Unpaid Taxes, Probate, IRS Liens and fire Damage too.

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

Found this one searching the Tax Deed sales. We contacted the owners prior to the auction and negotiated a simple buy out to keep it form going to auction and give us control of the property so we could make the deal.

How did you finance this deal?

CASH

How did you add value to the deal?

Just cleared the title so it could be marketed successfully.

What was the outcome?

92k Profit