Finally wholesaled my first real estate deal!

[Jeffrey Silva]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $15,000
Cash invested: $1
Sale price: $25,000

The home was in arson and was not wanted by the homeowner anymore. She had spoken to investors already, but all were lowballing her. I was able to meet her at her price while still leaving room for the investor to profit.

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

It was a vacant property.

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

I found this deal driving for dollars and cold called the seller.
We began negotiations from our conversations.

How did you finance this deal?

I used the double close method at the closing table.

How did you add value to the deal?

I was able to get this horrible memory away from the seller and turn it into a positive for them. They were sad to see it go but happy it was going to get a new updated look.

What was the outcome?

Both parties were happy, and I've been asked to wholesale it again as it became too much for the new owner.

Lessons learned? Challenges?

Being that it was my first deal I was eager to meet all the needs of the seller to get it under contract. The numbers sill made sense but it didn't leave me with a lot of room for profit after everything was said and done.