24 Hour Wholesale Assignment

[Jeremy Toney]

Investment Info:

Single-family residence wholesale investment in Newton.

Purchase price: $62,500
Sale price: $65,000

Contained kitchen fire with small amount of damage. Seller wanted to sell rather than remodel/update after the fire. Carpets, sheet rock, cabinets, exhaust etc. all removed when contracted as is. Needed other updates as well.

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

Found for sale by owner in classifieds, contacted owner, went and viewed the property, made cash offer on spot. Was willing to give asking price. Had under contract within 24hrs, assigned in less than 14hrs.

How did you finance this deal?

Cash buyer completed purchase

How did you add value to the deal?

Getting under contract for great price.

What was the outcome?

My asking price looked very appetizing and I was able to assign the contract for a quick 2500 dollars in less than 24 hours.

Lessons learned? Challenges?

Challenges here were time constraints. Got the house under contract with 1hr window between personal commitments. Had I not been aggressive with time management, I would not have been successful in quickly turning the profit I did.