Vacant lot - wholesale that no one wanted

[Andy Bauman]

Investment Info:

Other wholesale investment in College Grove.

Purchase price: $4,000
Cash invested: $1
Sale price: $10,000

Nice assignment deal. I didn't think I was going to find a buyer for this property as it didn't perc and there were thousands in back taxes. I ended up finding a buyer though and did an assignment with them. Sold it for $10k, paid back taxes, and the seller got their $4k for a property they were tired of!

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

This is my side business, wholesaling and creating cash flow with owner financing

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

I found this deal with direct marketing efforts

How did you finance this deal?

I didn't pay anything, just assigned the contract

How did you add value to the deal?

Found a buyer

What was the outcome?

Assignment to end buyer

Lessons learned? Challenges?

I heard from a city attorney, real estate agent, and other potential buyers that nobody would buy this lot. I didn't listen to them! I also found out that the back taxes were inflated by about $1,750 due to an environmental assessment that had been added but never completed. I was able to get that amount reduced which doubled my profit!

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

Nope