Seller Financed 9-unit Portfolio Wholesale: Tulsa

[Jeremy Bourgeois]

Investment Info:

Large multi-family (5+ units) wholesale investment in Central City.

Purchase price: $325,000
Sale price: $365,000

Wholesaled this 9 house portfolio on creative finance terms to the end buyer. Buyer put down $125k plus $40k assignment fee for the 9 houses. Sellers are carrying the note for 5 years at 5% interest. The ARV on the entire portfolio is well above $1,000,000 and almost all units are rented to long term tenants.

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

My partner brought in this deal and we had investors looking for this kind of deal.

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

Partner referred it to me, and we negotiated directly with the sellers

How did you finance this deal?

The buyer had the deal seller financed to him

How did you add value to the deal?

Connected the buyer and the seller to get a smooth and easy transaction.

What was the outcome?

The sellers liquidated their portfolio, the buyer got a great deal, and my partner and I got a nice assignment fee.

Lessons learned? Challenges?

Oklahoma doesn't allow for contract assignments, so we had to do a "referral fee" instead. Each state has different laws that need to be researched especially if you are planning to wholesale there.

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

True Title and Escrow for title work