Wholesale in the North Bay! Rohnert Park

[Wyatt Postal]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $380,000
Sale price: $395,000

Contributors:
Brian Kraut

$15k assignment fee from my cash buyer partners with a 14 day close. Rehab is still in progress and should be all in at around $150k or so. They are shooting for ~$100k net profit, ARV between $680k-$700k.

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

the money and experience of course

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

Off market deal from a friend driving for dollars

How did you finance this deal?

Put $0 in, had 3 days to deliver EMD so I assigned the deal to my buyers the second day and they funded EMD.

What was the outcome?

$15k Assignment fee at closing

Lessons learned? Challenges?

On these deals you need to take action and get it under contract quick and make very fast decisions. The sellers had another "buyer" negotiating back and forth wasting time and I just paid them the number they wanted right away and locked it up within the hour because it was well under what I needed my number to be to fit my formula. The other buyer being greedy is what lost them the deal.

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

Myself!