40k+ Investor profit from off market property obtained via regular mailings

[Cheryl Spangler]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $119,000
Cash invested: $23,000
Sale price: $185,000

purchased off market, distressed property obtained via mailings. Wholesaled to investor, assisted with all inspections, estimates obtained and managed the entire renovation until it was time to sell and then listed for the investor and sold the property. Lots of ups and downs but relationships were built and nove we are moving on to investment # 2 and #3.

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

Off market, saved a homeowner from auction, helped an investor profit - win win win

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

my own mailings

How did you finance this deal?

hard money

How did you add value to the deal?

managed the entire project from beginning to end, the investor never stepped foot in the house - happy investor

What was the outcome?

profit

Lessons learned? Challenges?

always background check your contractors even if you know them, always do a bring down report fully before moving forward (but after the contract is signed for purchase), get to know the neighbors they give you more insight into everything.

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

Licensed and Insured contractor:
Alex Teos, Owner, Alex Flooring & Carpentry, LLC, Phone: (703)-928-8331, Email:[email protected], Website: alexflooringandcarpentry.com

Hard Money Lender:
Brian M. Castel, Founder & Owner, Restoration Capital, www.RestorationCapital.com, Main - 800.877.0883, Direct - 703.298.5044, Fax - 202.204.4866

Title Company:
Universal Title & Escrow, Pam Godrey (stafford office)
Pamela Godfrey, Manager, Stafford Office, Direct: 703-468-1201, O: 540-228-1409