First wholesale deal

[DaMarrion McGregor]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $73,500
Cash invested: $100
Sale price: $83,500

1st deal completed learn a valuable lesson about probate

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

Great way to quickly put capital into new business. With this deal allowed to add more systems into the company

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

Driving around my neighborhood located this vacant home. Used deal machine to skip trace the owner. Once that was completed called and left a message. The owner called back and was able to get valuable information about why she wanted to sell. Was able to come to an offer to cover the remaining mortgage while leaving walk away cash for the owner.

How did you finance this deal?

Connected with a local investment company in my local REIA meeting.

How did you add value to the deal?

ARV*70%-15K repairs-10k wholesale fee. Based on the market my buyer of the wholesale contract will make approx 30k on deal.

What was the outcome?

Deal closed house currently being remodeled.

Lessons learned? Challenges?

Biggest challenge and lesson was how a death and probate can effect a deal. In the deal the title was in mother/daughter names, but mother took out mortgage in here name. Mother passed away but her estate never went through probate. Caused 45 day delay which almost threatened financing.

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

N/a