Banked-owned Wholesale deal!!

[Jonathan Martin]

Investment Info:

Single-family residence wholesale investment in Elgin.

Purchase price: $35,000
Sale price: $68,000

This was a banked-owned property that I was able to get in touch with bank rep and closed a deal. I think this was a "once and a real estate wholesale life" deal.

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

This was a home that had been vacant for 10 years.

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

I found this deal while driving for dollars. This was banked-owned but the bank merged with another bank. I was able to get in touch with bank rep and make a deal before they put it on auction. This was the only property they owned in Illinois.

How did you finance this deal?

This was a wholesale deal.

How did you add value to the deal?

I ran comps using Propstream. I had a contractor do a estimate of exterior repairs. I did not have access to interior so I did a worse case scenario estimate.

What was the outcome?

I wholesale the deal to a flipper.

Lessons learned? Challenges?

That persistence action pays off. The challenge for this deal was to negotiate liens with the city.

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

No