$160k Assignment fee

[Tom Guest]

Investment Info:

Other wholesale investment in Longwood.

Purchase price: $400,000
Sale price: $560,000

I wholesaled 1 piece of land with 10 separate parcel ID's. I put them under contract with the seller for $400,000 or $40,000 per lot and assigned them to my buyer for $560,000 or $56,000 per lot.

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

I had a buyer looking to develop some land.

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

I found the deal by cold calling. The seller was pretty easy to work with and knew what he wanted, he told me straight up he wanted $400k. I called my buy and asked him curiously if he could do $56k per lot... he said he could. At that point i was so excited that I didn't even try to negotiate the seller down in price.

How did you finance this deal?

my buyer bought the land with cash

How did you add value to the deal?

I was able to get the deal closed in about 3 weeks. This also included subdividing the land with the county.

What was the outcome?

successful closing with $160k assignment fee

Lessons learned? Challenges?

Never ever close on Fridays! Closing was held up due to buyer wanting extra paperwork on closing day. buyer was also out of the country and in Argentina which delayed a few things.