1st Wholesale Deal Netted $10,000 Profit

[Karen Swinger]

Investment Info:

Single-family residence wholesale investment in Chicago.

Purchase price: $40,000
Sale price: $50,000

Single Family town home with 7 bedrooms and 2 bathrooms
Sq. Ft. 1,948 (does not include basement)
Year Built 1890

The property was designated as a Chicago Landmark by the Commission on Chicago Landmarks in 2011.

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

I found this deal 'Driving for Dollars'. Reached out to the owners via a letter. They responded within a week and I had the property under contract and sold to an end buyer in 10 days.

Lessons learned? Challenges?

Another investor offered me $60,000 for the property (a $20,000 profit) about an hour after I signed the contract with the first investor. Lesson learned? Going forward I would probably tell investors 'Highest and Best' and leave the offer period open for 24 hours.