Wholesaling to selling a turnkey property

[Michael Kennedy]

Investment Info:

Single-family residence wholesale investment in Flint.

Purchase price: $10,000
Cash invested: $2,000
Sale price: $21,000

This 3 bed 1 bath property came to me while i was outside looking at a currently property i had a man walk up asking me what i was doing, i told him and come to find out he had a property to sell. it needed very little work and had some equity left on the deal so i took it. putting a new kitchen floor in and repainting the inside and outside foundation. we placed a resident in the home for $600mth then sold it to a private investor for $21,000 while still managing the property.

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

not too much work and having a friend who wanted a investment property that was willing to pay cash

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

found it just being in the market looking for deals

How did you finance this deal?

financed this property in house

How did you add value to the deal?

we did some minor renovations to the property and placed a resident in it

What was the outcome?

made a little equity

Lessons learned? Challenges?

wishing i had more friends looking for cash investment opportunity

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

no