Win on my first wholesale deal

[Stephan Desgagne]

Investment Info:

Single-family residence wholesale investment in Tucson.

Purchase price: $70,000
Sale price: $80,000

I found a property with the owners having issues in getting out safely due to confidential reasons. I was able to put the property under contract for $70,000 cash and assigned the property to a local investor in Tucson for $80,000. I didn't use a penny of my money and was able to pass the deal for $10,000 more than what I put it under contract for.

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

I saw the area the property was in and found this to be a great opportunity so I acted on it.

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

A local contractor told me about their friend having issues regarding their home and the title. I was able to help them out by working out the title issue with a title company and we negotiated a fair price with them understanding the risk we were taking by taking title of the property.

How did you finance this deal?

Cash and assignment of the contract.

How did you add value to the deal?

Negotiating a fair price while helping the owners with their situation.

What was the outcome?

Win, win, win. The prior owners were able to get paid cash for a home they were stuck with due to title. I got paid quick and had no risk with dealing with the property. The investor snagged a great deal on a property that he can fix up and rent or sell.

Lessons learned? Challenges?

Even though wholesaling sounds east, it can be very stressful and the key is finding the right deal. Also, dont be afraid to make offers.

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

All my mentors, my team leaders and team members helped me in this process as it was my first time.