Updated over 5 years ago on . Most recent reply
Wholesale (Fayetteville, NC)
Investment Info:
Single-family residence wholesale investment in Fayetteville.
Purchase price: $28,000
Cash invested: $1
Owner was frustrated with squatters occupying the property and no money to rehab. Owner also had a small mortgage and was tired of making a payment on a property that was degrading. I came up with a solution to purchase the property and provide cash to the owner. Assigned the property to a young deserving family with a construction background.
What made you interested in investing in this type of deal?
Wholesaling is my alternate business strategy. I primarily use to fund my rehab deals or other creative acquisition strategies.
How did you find this deal and how did you negotiate it?
Cold call
How did you finance this deal?
N/A
How did you add value to the deal?
Provided the owner a solution to his financial burden.
What was the outcome?
$4000 assignment fee.
Lessons learned? Challenges?
Slight title resolution issue.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No