My First Wholesale Deal!

[Quito Keutla]

Investment Info:

Single-family residence wholesale investment in Maple Valley.

Purchase price: $180,000
Sale price: $225,000

This was my very first deal. River front property need major rehab. I wanted to jump in and see if this wholesaling concept worked, I read about and it was time to take action. It's easy to get too caught up in the details and what I realized is that you have to take action.

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

When I ran the comps it penciled out very well. I don't have any experience in rehabbing and didn't want to wait six months for a fix and flip, I thought I would try wholesaling it.

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

I was actually calling on expired listing. When the owner said she was interested in selling. I drove to the property, it was vacant but I knew this would good opportunity due to location and comps I had ran before going onsite. I didn't even see the inside except from the old mls photos. I called the owner and told them I would be interested in buying it myself. I offered $200k but after inspection I got them to go down to $180k.

How did you finance this deal?

I offered a promissory note for the deposit.

What was the outcome?

It worked out like text book scenario and that deal is what had led me into doing more wholeselling.

[Rowell Rodriguez]

What is expired listing?  Sorry I'm a newbie Wholesaler.