Another deal in the books... what a nightmare!

[Greg Gaudet]

Investment Info:

Small multi-family (2-4 units) wholesale investment in Makawao.

Purchase price: $562,000
Cash invested: $100
Sale price: $585,000

Contributors:
Brandon Turner

The longest and most painful deal I have done by a long shot! But also the most rewarding! Helped this lady avoid foreclosure and couldn't quite get the price low enough for me, so I wholesaled this one to Brandon Turner, it worked for what he needed for a 1031. Made a decent sized wholesale fee.

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

I wanted to buy it as a rental for myself for cash flow. But the seller wouldn't accept the price I wanted (500ish), she'd only take 562k. I asked Brandon T. for his input, he suggested wholesaling it and said he'd even buy it bc he needed to buy something for his 1031. So we did it and it worked great for everyone!

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

Marketing like a beast... everywhere, all the time!

What was the outcome?

$23,000 wholesale fee and my friend got a great rental property in desirable neighborhood.

Lessons learned? Challenges?

When a seller calls you for an offer, just make the offer!! I tried to help this lady keep her house bc all she needed to do was get a PM to manage renting the other 2 units to cover her mortgage. I wasted a week trying to help, and in the meantime another wholesaler got her under contract! Thankfully she canceled and I got it. But next time I will do what the seller asks, and make an offer!