Closed my first wholesale deal!

[Greg Gaudet]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $115,000
Sale price: $120,000

Closed my first wholesale deal!

I'm not a wholesaler, I'm a buy and hold investor. This seller called me but I wasn't able to get the price I needed to add his unit to my portfolio due to other investors with higher competing offers.

So instead I marketed his unit to my network of investors and brought the seller an all cash offer with a nice little spread for me worked into it.

Super stoked to have generated some easy extra capital to put towards my next acquisition!

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

Generating capital to help scale my rental property acquisition.

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

A realtor that I network with was the sellers PM. When he said he wanted to sell, but didn't want to do the repairs needed from the prior tenants eviction, she told him that I'd make a cash offer sight unseen. So he called me and I made my offer. He already had a higher offer from another investor (who he had just sold his other rental to), and I couldn't beat it, but I told him I could find someone that would.

How did you finance this deal?

Buyer paid all cash.

What was the outcome?

Helped the seller unload his distressed rental, helped the buyer add another unit to his portfolio below market value, and I made a nice little wholesale fee! All in just about a month total.

Lessons learned? Challenges?

I should have locked the unit up under contract right off the bat. I could've made more. Since wholesaling isn't my focus I definitely made some mistakes, but in the end it worked out great and I'm very happy with my return.