Updated about 3 years ago on .
Wholetailing still works
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $193,500
Cash invested: $1,500
Sale price: $262,500
The house was cosmetically dated, but in a great area in Omaha with very little inventory. This was the perfect opportunity for a wholetail. All we did was a small cleanout and a good cleaning. We weren't 100% sure what we should go to market with for a list price, so we put it out there at $250K when the ARV was around $280K. We received multiple offers on it over asking price. We went with a cash offer and no inspection contingencies.
What made you interested in investing in this type of deal?
Cosmetically distressed property in a great school district with no available inventory, and a motivated seller. The perfect opportunity for a wholetail.
How did you find this deal and how did you negotiate it?
This was a referral from a trusted contractor who will be getting a nice "marketing" fee from us.
How did you finance this deal?
We used our LOC at our favorite small bank.
How did you add value to the deal?
Just a cleanout and a good cleaning.
What was the outcome?
Tons of showings, multiple offers and a profit of almost $60K.
Lessons learned? Challenges?
Wholetailing still works. We made more money on this property selling it as is than we would have if we put the work into it.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Angie Thiel was our agent, as always. We used 5 Points Bank for the purchase.
