Putnam CT Fixer Upper Wholesale

[Jeremy Bourgeois]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $27,000
Sale price: $35,000

First wholesale deal! After splitting the assignment fee with a real estate agent who found the end buyer, I walked away with a modest fee of $4,000.

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

I wanted to become adept at sourcing off market deals for other investors so I could get deep discounts for them and also for myself

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

Driving for dollars, I sent a mailer to the seller and we negotiated the price at the property

How did you finance this deal?

The buyer purchased the house with cash

How did you add value to the deal?

The seller had no idea what to do with the property. It was falling apart and we offered her a great solution for her problem.

What was the outcome?

A $4,000 assignment fee. After marketing spend for postage and gas for driving for those leads, it was about a break even

Lessons learned? Challenges?

Driving for dollars and handwriting letters is very time consuming. Not a bad way to start, but if you can look for more efficient ways to close deals, that would be better.