Wholesaling with no money in a stagnant economy.

[Jason Oliver Myles]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $130,000

This is a property that we had to take down ASAP! We had days to take it down not weeks. I secured private money from our investor pool and closed all cash paying no points and 2% on the money for a short term flip. We put it out to our buyer pool at $160,000 and got an offer on the 21st at $150,000 and will close on 11/04/22. It will cost me just about $5,000 so I'll profit $15,000. Not a bad deal with NO MONEY DOWN!!!

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

We market consistently and no matter the condition of the property, I will make cash offers on every deal. It is always one of my options. The next is creative financing structures. This property needed a lot of work and the seller was getting code enforcement tickets. They just wanted out!

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

I got this deal through a real estate agent that was losing this deal. I market to real estate agents all day every day letting them know that there is a way for them to still make money on dead or dying listings. Of course timing is equally as important. I negotiated with the agent which allowed the seller to give me a better cash price and the deal was mine!

How did you finance this deal?

I had to close this deal in 7 days. I picked up the phone and called my pool of private money lenders and in less than 24 hours I had the cash at 2% for 45 days to resell it. Now, let me preface this by adding, I've been doing this for a long time. I have built up a great following and list of people I can call at any time. BTW, I'm alway growing it.

How did you add value to the deal?

I went into this deal knowing I was going to wholesale it. My negotiating skills is what created the value. The initial asking price was $165,000, so getting it at $130,000 was a steal and I had one thing the seller didn't have, TIME...

What was the outcome?

It is now under contract at $150,000 and scheduled to close on 11/04/22.

Lessons learned? Challenges?

Not a lesson learned, rather one reinforced. That is always think creatively, even if you are using all cash to buy a deal. THINK CREATIVELY!

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

Yes, the agent responded to one of my targeted ads and BOOM! Here we go...