Wilmington Wholesale Deal

[Shawn Kostoff]

Investment Info:

Single-family residence wholesale investment in Wilmington.

Purchase price: $121,000
Cash invested: $100
Sale price: $130,000

I was able to help a seller offload a rental property that was no longer performing for them.

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

I found this deal through direct mail marketing. The seller first reached out in early February and after a few conversations, meeting at the property and a little negotiating they decided they would just keep the property and do the renovations themselves. In April I received a call from the seller after they received a follow up voicemail. They were more receptive to my offer. After meeting again and a little more negotiating we were able to come to an agreement.

What was the outcome?

We were able to find a serious cash buyer who agreed to purchase the property and was able to close in 3 weeks.

Lessons learned? Challenges?

The fortune is in the follow up! Having systems in place was the main reason I was able to get this deal. The seller reached back out after getting an automated message from my CRM system. The negotiation and finding the right buyer were a little more challenging with this property, but as a result I have expanded my cash buyer list.