Updated almost 4 years ago on .
Little Westside Wholetale - San Antonio
Investment Info:
Single-family residence wholesale investment.
Purchase price: $30,000
Sale price: $57,000
This was a house that we bought as a referral from a previous seller. It was a little tricky because we bought it sight unseen and it had long term renters who were way under market/not paying at all.
What made you interested in investing in this type of deal?
It's just what we do, haha. I honestly try to stay away from the westside but a deal is a deal.
How did you find this deal and how did you negotiate it?
It came from a seller who had sold to us before, honestly there wasn't much negotiation. She knows us and trusts us and wanted us to get it off their hands.
How did you finance this deal?
We used a private lender.
How did you add value to the deal?
We didn't other than getting the tenants out. We didn't even clean it out. And unfortunately there was a lot of dealing with really bad tenants who didn't want to pay or leave. And then when they left they decided to leave 4 dogs and 4 chickens at the house as well.
What was the outcome?
After paying off our private lender we made around 22k on this deal.
Lessons learned? Challenges?
We bought it sight unseen which i'm fairly comfortable with these days but buying really cheap houses in neighborhoods like this is always a pain. We dealt with getting the tenants out, finding homes for the animals they left behind, squatters once the house was vacant. It's just a lot of work for this little house.
