Wholesale Deal Distressed Church

[Kyle Ransom]

Investment Info:

Other wholesale investment in Atlanta .

Purchase price: $320,000
Cash invested: $5,000
Sale price: $420,000

This property was acquired by the owner of a historic church that they could longer afford due to back property taxes and code violations. We secured the property and sold it to a developer who plans to build townhomes there. The property was appraised at $2.1 based on that project.

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

It was a good deal for a developer.

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

We were referred to this deal by someone in our network and we negotiated the deal offering 20K over ask to offset the time to close.

How did you finance this deal?

We did not finance we wholesale this deal to get seed money for the company.

How did you add value to the deal?

The value was already there when we got it under contract because we structured the deal for a developer.

What was the outcome?

The deal closed all parties won here.

Lessons learned? Challenges?

The challenge was getting the development close on time. They have issues with funding.

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

No not needed here.

[Rick Baggenstoss]

Great!  Looks like a great deal for everyone.  I'd love to hear more about it.  I own a church in Atlanta.