Wholesale Deal in Mobile Alabama

[Andrew Lewis]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $93,500
Sale price: $109,000

Contributors:
Lee Waldrop

I converted a FSBO in my current neighborhood. I moved to Mobile from Spanish Fort about 2 months ago and noticed a house in my neighborhood that was in need of repair. I wanted to tackle the project myself but I realized that it was more than I could handle on my first flip. I didn't have any end buyers that would want it so I partnered with a local BP investor (Lee Waldrop). He was able to connect the home to a buyer of his and we walked away and split 50/50. Thankful for BP community to guide me through the transaction and for connecting with a local investor to help

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

Opportunistic. I saw a distressed home in my neighborhood and wanted to try to find an investor to bring it back to life.

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

FSBO in my neighborhood. I saw an opportunity to match this home with a home rehabber.

How did you finance this deal?

$500 EMD and performed a double-close.