A classic wholesale deal

[Tai DeSa]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $90,000
Cash invested: $1
Sale price: $105,000

This was a classic assignment of contract. I ran a $25 "We Buy Houses" ad in a Homeowners' Association newsletter. A seller called me and said he wanted the house sold in 14 days. I told him it would have to be a low price to attract an investor. He said he'd be fine with $90,000, as he had no mortgage. I found an investor 3 days later through word of mouth. He paid me a $15,000 assignment fee and bought it within the 14 day period.

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

I ran a $25 "We Buy Houses" ad in a local Homeowners' Association newsletter. A tired landlord called me. He wanted quick cash. I found the cash investor through a networking group I was a part of. The whole thing came together in 14 days. The investor agreed to pay me a $15,000 assignment fee and buy the house for the $90,000 price. The investor installed new paint and flooring, and then he sold it for $150,000.