Foreclosure a wholesale property is not easy!

[Douglas Harris]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $112,000
Sale price: $112,200

My first whole sale deal

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

This property had a decent amount of equity. The seller only owed about 65k. The ARV was 195k

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

I told a friend from my church that I would like try to wholesale a house and he knew someone that was in foreclosure

How did you finance this deal?

No money needed.

How did you add value to the deal?

I didn’t have to add value to the deal

What was the outcome?

I was able to find a buyer for the house in foreclosure. I assigned the contract for 12k

Lessons learned? Challenges?

So many Challenges!
- the property was out of state so I did not have any cash buyers
- I only had two weeks before the house went to auction
- I found a buyer but her dropped out last minute
- In order to find a new buyer I had to go back a negotiate with the seller
- The lending company was not helpful with providing documents for pay off
- I found out two days from closing that the seller was married but separated. She didn’t not know where her husband was

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

No