First Wholesale as New Real Estate Investor

[Jeremy Toney]

Investment Info:

Single-family residence wholesale investment in Hickory.

Purchase price: $131,000
Sale price: $136,000

1955 Single Family 3/1 in prime location. For sale by owner lead.  This house needed a facelift to the exterior, new windows, new roof, central heat and air update, kitchen and bath/full interior update, and some tree services and light landscape updates. 

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

I found this to be an idealistic way to get start in real estate investing with limited capital.

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

Seller was walking out of Lowe’s with for sale sign, I approached and asked what he was selling.  The following day, I met him at the property, did a thorough walkthru and discussed his asking price on the house.  Went home, gave him a call the next morning, made my offer, and he accepted.  The The rest is history..

How did you finance this deal?

Assigned the contract to a cash buyer to complete the purchase.

How did you add value to the deal?

Getting the house under contract for a “decent” price.

Lessons learned? Challenges?

Stronger Negotiating skills would have made this deal better. I needed to have gotten this for a lower price. It was hard to move.