46222 Wholesale Deal

[Kevin Griffin]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $17,000
Cash invested: $200
Sale price: $22,000

We wholesaled this property to Simple Quarters. Who then turned and sold it for $31,000.

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

Because it was a great deal in a great location. I wish we had the money to cherry pick it.

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

I found it Cold Calling. The seller was in a very distressed state of mind due to a bad break up and really needed to sell the house, move out the city and start a new life. She just wanted to close fast and was willing to trade some equity for speed and convenience

How did you finance this deal?

Our End buyer bought it then resold it.

How did you add value to the deal?

I provided the seller with a quick close and provided and opportunity for 2 investors to make a profit.

What was the outcome?

$5,000 assignment fee

Lessons learned? Challenges?

Seller tried to sign another agreement with another investor a day after signing ours. We had to put a cloud on title so they couldn't close unless we was compensated before closing. We told the other investor they could have the property if they would be willing to pay our $5k assignment fee.