Wholetale deal outside San Antonio

[Aaron Bihl]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $62,000
Cash invested: $250
Sale price: $115,000

This was a little wholetale deal we did in a tertiary market.

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

I wasn't but through our marketing it came to us. This deal came from our TV ads.

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

It came from a TV ad, anytime we are looking at something outside of our immediate market we are super conservative with it. It was directly with the seller and they had tried to sell it before but the sellers brother who was also an heir made things difficult so they pulled it off the market.

How did you finance this deal?

We used a private lender that we paid 10% and 1 point interest only.

How did you add value to the deal?

We cleaned it out and hired an agent who was local to the market to list and get it sold for us.

What was the outcome?

We sold over asking price and owned it a little over 2 months. I believe after paying commissions, paying off our lender and everything we netted 40k+. I would have to go back and look at our numbers for the exact amount.

Lessons learned? Challenges?

If you have a good agent trust them. I was frustrated the house wasn't selling and called and asked her what was up and I suggested we price drop it and move it. She pretty much told me to calm down and trust her and the next day we signed an offer 5k over ask.

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

We worked with Rebekah Morgan who is based out of Gonzales I believe and she is great.