Updated almost 6 years ago on . Most recent reply
My first wholesale deal
Investment Info:
Other wholesale investment.
Purchase price: $66,500
Cash invested: $100
Sale price: $76,500
Undeveloped land with no utilities on it
What made you interested in investing in this type of deal?
The owner was in financial trouble, and I had learned the skills that could help him
How did you find this deal and how did you negotiate it?
The deal itself kind of fell in my lap. it was brought to me by a friend of a friend who was concerned for his friend. I went in on a joint venture contract with a partner to help me through my first investment wholesale deal.
What was the outcome?
I found a wonderful single mom with three boys that are all very active outdoors people, and they are going to build their dream home there!
Lessons learned? Challenges?
A wholesale deal on undeveloped land is very different than a wholesale deal on a house. I can do it again but I think I want to try for a house next time.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would recommend working with the title company NexTitle, and as always the North Idaho REI team is an excellent resource!
