1315 A St, Wholesale deal, learning about electrical issues.

[Lance Cook]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $75,000
Sale price: $78,500

Met the soon to be owner, aunt passed away, while she was cleaning it out. Aunt was a horder. Assigned the property to another investor.

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

Using wholesaling to build up reserves and start purchasing holds.

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

Found this deal while I was working. After talking with the soon to be new owner, aunt passed away, she agreed to meet to talk about me purchasing the house. She was already tired of cleaning out the house. Walked through the house with her. ARV (without WOW factor) was 129k. Came to agreement of what projects needed to bring it back to livable standard at 75k.

How did you finance this deal?

Assigned the contract. Still working on financing options.

How did you add value to the deal?

None, assigned it.

What was the outcome?

Great transaction with other investor in assignment.

Lessons learned? Challenges?

Found out about electrical issues that I had not negotiated about. I changed my assignment fee to help other investor be able to fix the issue. Learned how to identify that electrical issue in the future.

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

None