1st Wholesale Deal On Track To Close Tuesday

[Arary McGowan]

I have my first wholesale deal on track to closing on Tuesday. It was a deal I found in Milwaukee , WI. I live in New Jersey. I did a direct mail campaign and got a few calls. Most of the owners were out of state and has owned for over 10 years. I thought it was going to be difficult because as I'm out of state. Turned out easier then expected as I have a bit real estate experience and know Milwaukee pretty well as I am from there and still have contacts. 

I had a lot of showing (I booked all the appointments at the same time as it would create urgency with the buyers) and got a few offers. When it came to the investors putting their money where their mouth was they'd back out or when in to witness protection program. Most of the cases I think it was because of my assignment fee. Everything was good until they found out what I was making on the deal. The good thing was I got it sold. The investor who's current purchasing it normally bought from a realtor, property off the MLS. He says this house was cheaper and better then all the other houses he bought.

I am set to make over 5k on this first of many deals and defiantly excited about getting back in the game. 

I have few lead I am working on from my direct mail campaign. Just email a offer today for a owner with 3 properties and working multiple other deals. One guy is looking to retire and has over 50 house free and clear.

[Arary McGowan]

Deal Closed this evening at around 6pm Central. 

The property was a good deal I believe. 

Duplex located on N. 50th Street Milwaukee,

I never seen the house. I just relied on pictures from my person on the ground. I was able to give the seller a fair offer of $21,500 in which I assigned to my end buyer for $27k.

Property was vacant in decent condition. Just need a bit of cleaning painting carpets and put on the market to rent. Each unit can rent for about $600/mo.

The good thing about the property is it had a bonus 1 bedroom cottage in the rear of the house. It need a facelift. Need a new floor in the bathroom. Painting new fixtures to make rent ready. This cottage can rent for $450/mo

End buyer was quoted $18K to fix whats needed. $3k above my $15k estimate. 

ARV: $64k

Total rental potential: $1650/mo

my assignment fee: $5.5k

Now working on my next couple of deals.