First Wholesale Deal Out of State

[Paul Samuels]

Investment Info:

Single-family residence wholesale investment in Kansas City.

Purchase price: $56,000
Sale price: $62,000

This was a property I found on the MLS. I negotiated the asking price down from 70k to 56k because there was a foundation issue with the property. I was able to work with a partner who found a buyer that specializes in foundation repair and were able to sell it to him all cash.

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

Familiarizing myself with how the whole real estate investing works. Starting with wholesaling and working myself up to eventing fix and flips as well as owning rental properties.

How did you finance this deal?

Wholesale deal. I put no money into it. The cash buyer brought in the EMD of 1k.