Greenwood Wholesale Deal

[Lance A White]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $10,600
Cash invested: $1
Sale price: $15,600

Just a quick wholesale deal we sold to another flipper who was working on the house next door. Put it under contract with seller using money from a PML so we had zero dollars in the deal. Put down $5000 of earnest money because there were multiple offers. Paid PML $250 on their money that we used for about a week. After closing made about $4200.

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

Seller was a friend whose father passed away and left him an unfinished house with some debt on it

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

An estate attorney I work with mentioned that she was helping a client and got his permission to give me his contact info. "Hey, I know that guy." I said.

How did you finance this deal?

PML

How did you add value to the deal?

We didn't do much value add on this deal. Took it as is so seller didn't have to clean it out.

What was the outcome?

Fast wholesale and seller got their money quick

Lessons learned? Challenges?

Never know who you know who needs your help, so tell everyone what you do.

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

Nope, just me and a flipper on this one.