Wholesale deal on a SFR in Los Angeles 90043

[Cristina Ortega]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $228,000
Cash invested: $150
Sale price: $265,000

This is a recent wholesale I did that ended up being a win for all involved! The seller's were happy because we let them stay in the property for an extra week after closing to assist in their move out of the country. The buyer's were happy to get an awesome deal on a property that is going to make a great, fast flip. And I walked away securing an assignment fee and gaining more experience on another deal.

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

Wholesaling is my main strategy. I come across a lot of deals that I am able to pass over to investors.

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

I got this deal from my website, they submitted a form that said they wanted to sell and I contacted them that same day and then set up the appointment for their earliest opportunity.

How did you finance this deal?

A buyer in my network is who actually purchased and closed on the property.

How did you add value to the deal?

I sourced the deal, and worked with the sellers through the entire process since this was their first time selling a house. I set them up with my escrow company and helped them understand all of what escrow needed from them. I also found the buyer and vetted him to make sure that he was well qualified to perform and purchase the property. I handled all of the paper and basically orchestrated the deal from start to finish and made sure it would close on time.

What was the outcome?

The sale was completed and all parties involved got what they were promised.

Lessons learned? Challenges?

After getting this property under contract, I accepted an offer, just because it was sight unseen and that way I could skip doing the inspection - even though my inspection was already set. I ended up accepting the offer too early and found out I could have probably gotten a lot more for it. Always do an inspection!!! Unless there is some weird circumstances preventing, but most likely get a higher price with inspection.

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

Greater LA Escrow in Sherman Oaks! They are the best.