Lancaster CA Wholesale deal

[Cristina Ortega]

Investment Info:

Single-family residence wholesale investment in Lancaster.

Purchase price: $200,000
Sale price: $220,000

Lancaster CA Wholesale deal

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

I am a wholesaler and come across deals like this all the time!

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

This deal came to me via my website. This deal was negotiated over the phone with the seller. We went back and forth on price a bit and then finally settled on $200,000.

How did you finance this deal?

I worked with a buyer in my network who used cash to purchase the property.

How did you add value to the deal?

I added value by sourcing it, negotiating the price, and then setting up a showing to find the right buyer to fund the deal. I vetted all the offers and determined who would be most able to close on the deal.

What was the outcome?

A win-win deal for all. The seller was happy with his price, me with my assignment fee, and the buyer was excited to get a property that needed minimal work and could be turned for a quick profit.

Lessons learned? Challenges?

Make sure your paper work is clear! At closing, the seller said that he was under the impression that through the sale, we would be taking over the payments of the solar panel loan he had in place. Out paperwork clearly stated that the solar loan was supposed to be paid off through the sale. Unfortunately, after the sale the seller was disappointed to learn he was short on what he'd been expecting to get at closing. But after reviewing paperwork it was clear that that wasn't the agreement.

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

Greater LA Escrow in Sherman Oaks. Andrea and Dilyara are the best!