First Wholesale Deal!!

[Latunya Smith]

Investment Info:

Single-family residence wholesale investment in Fayetteville.

Purchase price: $40,000

Partnered with another wholesaler and I profited over 5k with zero investment.

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

Best alternative to the traditional sale side of waiting on commission. My son has helped me tremendously with this shift. It was his idea!!

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

Driving for dollars. Mailed the letter, and the heir called me. I immediately called another w/s, who I met through my son, presented to him, because he has a long list of buyers. I suggested the price to him, set my fee, and he brought the buyer. We both profited.

How did you finance this deal?

I did not have to finance. I placed that aspect on the partner.

How did you add value to the deal?

For the sellers-no fees.
The w/s partner-helped him with initial offer, which added the value of a significant profit for both of us. End buyer will also profit nicely, because of ARV.

What was the outcome?

In this case, everyone is satisfied and compensated fairly well.

Lessons learned? Challenges?

I short changed myself, lol, but a little money is better than no money. However, had I listed and waited on commission, less my split; I would have only made 1k!!! So, ultimately I win!

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

There was no need. This was a vacant.