Our First Wholesale Purchase

[Robin Carriger]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $5,000
Cash invested: $5,000
Sale price: $17,500

This was the first wholesale deal we bought. After this one, we were off to the races! :-) It was a 2x1x0 and was actually condemned before we closed on the sale.

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

We wanted to build quick cash at the beginning of our Real Estate Investing career.

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

Motivated seller called off of a targeted postcard mailing

How did you finance this deal?

Cash

How did you add value to the deal?

We didn't. We just sold it.

What was the outcome?

After various minor holding costs & closing costs, we profited aboiut $11,500.00.

Lessons learned? Challenges?

- It was scary when it got condemned, but we found it wasn't a death sentence.
- We had a couple of title issues with the first title company we used, but, when we switched to a different title company, we were able to close it right away.

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

No