Very First Deal Done!

[Diallo Jones]

Investment Info:

Single-family residence wholesale investment in Cleveland.

Purchase price: $206,502
Cash invested: $300
Sale price: $220,000

My very first wholesale deal 5 bed, 4 bath SF home in Lakewood, OH. Sold at $220,000 Current Value of home sits at $367,000.

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

It was the only real estate strategy that I felt most comfortable with.

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

I found the deal by driving for dollars. The negotiation started off at $220,000 we resigned the agreement at least three times and we eventually came to the seller just wanting his debt paid off and agreeing to sale the house and for $206,500 which is what he owed the bank.

How did you finance this deal?

No finance.

How did you add value to the deal?

I added value to the deal by giving the end investor room to renovate all problems and still walk away with a big potential profit.

What was the outcome?

The outcome was the owner of the home was free a problem that was causing him to stress and the end investor happy with the potential profit he'll make in the end.

Lessons learned? Challenges?

The biggest lessons I learned was to make sure the numbers make sense for everyone and just trust your instinct. My biggest challenge was finding a serious end buyer.

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

I talked to numerous agents and I even worked with other wholesalers to help find potential end buyers.