San Antonio - Wholetale Deal

[Aaron Bihl]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $170,000
Cash invested: $1,000
Sale price: $247,000

This was a wholetale deal that I partnered with a private money lender on. The owners of the home needed to sell in order to buy a new house, it was an awesome house that they took great care of and had lived in for 15 years or so.

They had some concerns with showings due to Covid and other routes to sell quick through opendoor, zillow, etc had shut down. This deal finally came together over the course of a few months, I told the owners to list the house multiple times as that was their best bet and eventually they came back to me at were ready to sell.

The showing was interesting, cause I had one shot at it. I lysoled everything I touched and tried to be as detailed as possible. I ended up raising the price 5k cause it was nicer than expected.

We closed on it, and they wired their proceeds directly to the other title company for their closing the next day. We gave them a 5 day leaseback to allow them time to move and not be rushed.

We spent money changing the light bulbs, cleaning the house, and making one drywall repair. We felt really comfortable at around 225k and thought it would sell for that. The neighborhood is really nice and houses in this pricepoint rarely exist so comps weren't readily available. We pushed it a little bit and listed at 249k and ended up with several showings and multiple offers.

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

This deal came from a google ad. Negotiating wasn't too bad, I honestly had several calls with the owner and was a resource more than anything. I tried to find other options that would be more what they were looking for told them on multiple occasions to list it. At the end of the day they trusted me and my business and knew we would do what we said we would do.

How did you finance this deal?

partnered with a private lender

How did you add value to the deal?

Minor fixes and providing access to retail buyers.

What was the outcome?

A fairly quick wholesale deal with a solid profit margin without the taking on the risk and stress of a remodel.