First wholesale deal was out of state!

[Alex Bradley]

Investment Info:

Single-family residence wholesale investment in San Antonio.

Purchase price: $75,000
Sale price: $82,500

3 Bed 2 Bath SFR
ARV $150-160k
Estimated Rehab $40k
Purchase price $75k
Assigned for $82k

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

I want to get into buying 10-20 unit multi family properties and fix and flip SFRs but need to raise some more capital before getting started. I decided to learn how to do wholesale to make some more money while learning more about other parts of real estate.

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

I found this deal by calling leads that I got from my local title company. I negotiated with the seller after letting the buyer I found walk the property with his contractor to get an estimate of rehab costs. ARV was $150-160k the house needed about $40k worth of work. I got it under contract for $75,000 and assigned it for $82,000.

How did you finance this deal?

I did not put any money into this deal.

How did you add value to the deal?

I was able to help a homeowner avoid losing his house to foreclosure and sell it instead and I helped an investor secure a great off-market fix and flip deal.

What was the outcome?

I was able to complete my first deal and make $7,000 even though it was out of state in a completely different market than me and I was able to help everyone involved along the way. Not all wholesalers are evil.

Lessons learned? Challenges?

You don't have to know how to do every step to get started! I literally learned every step along the way, while I was doing it.

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

I worked with Vicki Roarck from Stewart Title in San Antonio and she was amazing!