Keystone Covid Wholetail Deal

[Owen Dashner]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $110,000
Cash invested: $950
Sale price: $145,000

This was a wholetail deal in the popular Keystone area of Omaha. It was purchased from a tired landlord who just had a tenant move out. The house needed some TLC, mainly cosmetic, but he just did not want to deal with it anymore. We bought it, cleaned it out, cleaned it and listed it. 20+ showings in 2 days and multiple offers later, we sold it for $145,000.

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

Wholetails in a good area in a hot market are my favorite. Very minimal rehab and time of ownership, sell as-is with great margins.

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

I talked to the former owner a couple years ago. He owned several rentals and planned on selling them eventually, so we stayed in touch. I offered him a quick, as-is, cash transaction and he liked the idea of not dealing with it anymore.

How did you finance this deal?

It was purchased on a line of credit.

How did you add value to the deal?

We rented a 20 yard dumpster and paid $400 to have it cleaned out and the carpets pulled. The lawn was about 2 feet tall, so we paid extra to have it mowed and edged. Then we had our trusty cleaner deep clean it.

What was the outcome?

We listed it for $139,900 and got a TON of showings in the first couple days. We got several offers and ended up accepting one that was $5K over our asking price at $145,000.

Lessons learned? Challenges?

This was a fairly straightforward as-is wholetail. No real challenges on this one.

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

Angie Thiel with Berkshire on the listing, Five Points Bank for the LOC and Missouri River Title on the closing.