Emerson Heights Wholesale Deal @ Deep Discount

[Kevin Griffin]

Investment Info:

Single-family residence wholesale investment in Indianapolis.

Purchase price: $35,000
Cash invested: $200
Sale price: $50,000

We got the property under contract at 35k. It was a tired landlord that didn't want to make the repairs to the property. The buyer paid 50k for the property, clean it out and put it on the market and sold it to another investor. This was a great deal.

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

I was able to provide the seller with a smooth quick 13 day closing & I provided an opportunity for 2 other investors to make a profit.

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

I found it from Cold Calling and I pre-qualified the seller for motivation. I initially gave him an offer over the phone of 65k for the property thinking it was is ok condition. When I finally got in the property it was trashed and I told him that it was no way I could do $65k after seeing the condition. He said just make him an offer. He also said he wouldn't take anything OVER $65K. I followed up with him the next day and offer $25k, he countered with $40k, we countered with $35k. ACCEPTED!!!

How did you finance this deal?

Our End Buyer brought the property.

How did you add value to the deal?

I was able to provide the seller with a smooth quick 13 day closing & I provided an opportunity for 2 other investors to make a profit.

What was the outcome?

$15,000 Assignment Fee

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

NO