My First Wholesale Deal!
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.
Most Popular Reply
What is expired listing? Sorry I'm a newbie Wholesaler.