My First Wholesale Deal

[Asbery Rainey]

Investment Info:

Single-family residence wholesale investment in Lancaster.

Purchase price: $180,000
Sale price: $185,000

A wholesale deal I got it under contract and sold it for an assignment fee. Found it driving for dollars.

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

I see potential in the market. I want to build wealth and I have little dispensable income at the moment.

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

I found it by driving for dollars. I saw a property I assumed needed work, tall grass, etc. I called the owner and he explained he was not trying to sell that property but he had another he might want to get rid of. I showed up to the house he mentioned there was trash on the yard front and back. A repair he used backed out the job, so some parts of the house needed work.

I explained I'll sell it as-is and after to showing it to several investors in the area, I was able to make a deal.

How did you finance this deal?

I didn't spend any money I cleaned the area myself showed up with a dolly at 6 am to move the fridge off the front yard before the 106-degree weather hit. I came back at night around 7 pm and finished the rest.

How did you add value to the deal?

Cleaned the area, and noticed how properties in that area were marketed.

What was the outcome?

A happy investor, and built a strong relationship with the investor, his realtor, and the seller and his son. I may be able to sell his other house as well as help him accomplish a real estate venture.

Lessons learned? Challenges?

If people like you they'll deal with you no matter how wet behind the ears you may be. FAIL FORWARD. Be kind and approachable. Dress the part.

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

No