Wholesale Deal fell in my lap

[Chris Cooper]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $80,000
Cash invested: $8,000

Purchased for $80,000
ARV $155,000
Needed 2k in Piers
1700' of flooring
Paint and Counter tops.
Total Investment 95k. Will be listing in March for 160k

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

I am always looking for a great deal.

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

I am a Realtor in OKC. I met with some buyers and asked what they were going to do with there current home. They said, "Probably call one of those 'we buy ugly houses' people." I said let me save you a phone call. I sold them a home and purchased their home.

How did you finance this deal?

Commercial line of credit w/ 10% down and line of credit up to 80% of ARV

How did you add value to the deal?

Piered the foundation. All new paint carpet and tile. Removed two ugly sky lights. Granite Counters and all new fixtures.

What was the outcome?

2 new recent flip comps show value to be 160k

Lessons learned? Challenges?

Let everyone know that I will 'pay cash' for houses. Act like a wholesaler even though I plan to buy and hold or flip. I guess that would be Wholetail.