A wholesale deal almost gone wrong in Griffin, GA

[Nina Granberry]

Investment Info:

Single-family residence wholesale investment in Mcdonough.

Purchase price: $20,000
Sale price: $21,500

This was a virtual wholesale deal. This definitely was a learning experience. We wanted to help the owner, though, by covering delinquent taxes on the property. They told me that their father had passed away and left the property to them. I posted this property on FB Marketplace, Craigslist, and here on BP. I learned to adjust the price based on the interest (or lack thereof) aka number of inquiries I received.

I completed this deal through an SMS message campaign. Basically, I never had to pick up the phone to call this seller in order to complete the transaction. I never had to pick up the phone to find the cash buyer either. Social media did all of that for me.

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

Pulled a list from Propstream using certain filters, skip-traced the list, then conducted a message campaign to find motivated sellers from the list.

How did you add value to the deal?

I didn't. I bought and sold the property "as-is".

What was the outcome?

I successfully found a cash buyer through FB marketplace.

Lessons learned? Challenges?

+ I need more practice/guidance on accurately estimating repair costs
+ a checklist for what to do to thoroughly evaluate a wholesale deal before making an offer