First Wholesale!!!! and Post #100

[Nick Watkins]

Hey everyone,

I wanted to give you all a quick look at my first wholesale deal. I had a very good friend of mine reach out to me because he knows I am a Buy and Hold investor and wants to see me succeed in life. That being said he was going to be moving into his mothers house because she is now in assisted living and he needed to sell his home, so he offered it to me at a very fair price. the home was not in my normal rental area but I knew the $ was around. 

1st step I talked with my hard $ lender so I could make it a quick deal and have the ability to refi out of it, during that conversation I explained its out of my comfort zone but couldn't pass up the deal in this market! his response was "are you willing to sell it? I have a buyer who is looking right now"! 

because of it being a very good friend I explained to him I found him a buyer and I will help along the way with closing and my friend told me If I flip it he didn't care as long as he got the $ we agreed on.

original purchase price $60,000

wholesale fee           $15,000 - $400 for dinner and drinks with my Friend!!!!!!!

Buyer                       $75,000 plus closing cost

Repairs                    $30,000

ARV $135,000

Everyone is happy! it truly was a great experience and the knowledge I gained was HUGE for my growing business!