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Updated almost 2 years ago,

User Stats

125
Posts
50
Votes
Caleb Reits
Pro Member
  • Investor
  • Grand Rapids, MI
50
Votes |
125
Posts

Wholesaling is MESSY - Before and After the Flip

Caleb Reits
Pro Member
  • Investor
  • Grand Rapids, MI
Posted

Investment Info:

Single-family residence wholesale investment.

Purchase price: $80,000
Sale price: $100,000

Single family home right in Kellogsville School District. It needed a lot of work but the flippers who bought the house from us brought it back to life! Check out these before and after photos!

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

This home was an inherited property that was NOT taken care of and the sellers needed to sell to provide a better life for their kids. Our main goal is to provide helpful solutions for people to leave a situation and start fresh!

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

We found this by cold calling! Cold calling is brutal but it still works. :) Because this home was inherited, it was a touchy situation. We brought the owner a condolence card and did what we could to make their situation better.

How did you finance this deal?

0 funds! That's why we love to wholesale! The end buyer brings the money and earnest money to title.

What was the outcome?

We had a few walk throughs because this is in a desirable area and took a highest and best after 24 hours. We have A buyers that we work with that were all interested and to give everyone a fair shot we had the showings at the same time without letting anyone else see the home. They had first pick and were able to put in the offer that made sense to them. Because we had more than one party interested and without EMD down, they were all given a chance to make the offer!

Lessons learned? Challenges?

GIVE MORE THAN YOU TAKE! The people who are selling for cash and quick close are usually going through something in their life. We offered to get groceries for their young kids as it didn't look like there was much edible food in the home. We lead with giving before asking for the sale.

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

Not on this one. We did negotiate with the end buyer to let us list it on the back end. Wholesalers - if the leads you have aren't looking for a cash offer, reach out to an agent and give them a referral to list it! We love when we get referrals, it's the best compliment and usually with a referral you will be paid EVEN if you didn't wholesale the deal. Just another way to make money on some of those "dead leads".

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