100% Remote Wholesale

[Padric Lynch]

Investment Info:

Single-family residence wholesale investment in Hubert.

Purchase price: $14,000
Cash invested: $1
Sale price: $16,000

Wholesaled this property utilizing Facebook Marketplace. I had the contract for $14,000. I found a cash buyer within 10 days of marketing the property. I originally listed the property for $19,900, dropping it to $16,000 after negotiating with the buyer. Later the buyer asked if I would split their closing costs. I just wanted to close and move on to the next deal, so I obliged.

Assignment Fee: $1,676.50

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

There was meat on the bone for a buyer to be able to purchase at a discount.

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

Seller called my bandit sign. He was tired of owning the property after his tenants stole all of the copper piping in the property. After Hurricane Florence battered the house, he knew he wanted to sell but held off for a couple years.

How did you finance this deal?

No financing. This was 0% down to get into a contract. I required the buyers to put a non-refundable deposit down that would cover the assignment fee in the case that they backed out for an unwarranted reason.

How did you add value to the deal?

I coordinated closing, did research and a portion of due diligence for the buyers, and kept all parties informed.

What was the outcome?

$1676.50 assignment fee, a happy seller and a happy buyer.

Lessons learned? Challenges?

I was out of state while coordinating the transaction. I never met the buyer or the seller, which has changed my thought process on running this buisness remotely (its possible). I can run this buisness at a distance. The systems and the processes are where I need to focus my efforts.

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

Attorney Mack Rice, Havelock, NC. The paralegals, Cindy and LC are my heroes! Mr. Rice always does a great job.