Updated about 6 years ago on .
My first wholesale deal
Investment Info:
Single-family residence wholesale investment in Rancho Cucamonga.
Purchase price: $280,000
Cash invested: $100
Sale price: $300,000
This was not an easy deal by any means California is very saturated for a wholesaler. This individual happen to be my coworker and everything worked out great. Was able to find a buyer and help him buy a house in Crestline California. I did put a lot of work and trying to get the house presentable because it was trashed literally trash everywhere! God is good!! I give him all the credit
What made you interested in investing in this type of deal?
Using little to no personal money.
How did you find this deal and how did you negotiate it?
Got the deal through a co-worker of mine working here in Rancho Cucamonga making disc golf discs
How did you finance this deal?
Didn't use my own money or credit so no financing was needed
How did you add value to the deal?
Housing crisis here in California is pretty crazy. People want to turn their garages into Adu (additional dwelling unit). This particular house had a very nice big detachable garage perfect for such a thing.
What was the outcome?
Through the help of my mentor, and networking with certain individuals got this puppy sold.
Lessons learned? Challenges?
Presentation is everything! If you feel weeds need to be cut, then do it!! The owner completely gave up on his house so it was up to me to clean it up best I can. If you have to make trips to the dump, then do it!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes networking with real estate agents is very important can't stress that enough