Chester Wholesale Deal @ Deep Discount

[Kevin Griffin]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $28,000
Cash invested: $200
Sale price: $34,000

This property came from an absentee out of state investor. Her Ex-husband was staying at the property rent free until their daughter graduated high school and went on to college. We locked the property up at $28k and sold it to another investor at $34k. Who turned around and assigned it to another investor for $40k.

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

It was an amazing deal. We was able to close on the property fast and we sourced an opportunity to allow 2 other investors to make a profit.

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

I got the deal from Cold Calling and this was a laydown deal. The seller wanted 28k for the property to take care of some private issues in her life. This really helped her get her life straightened out.

How did you finance this deal?

Our end buyer assigned it to another buyer and they paid 40k for the property.

How did you add value to the deal?

We allowed the tenant stay in the property 60 days after closing to find another property to live in.

What was the outcome?

We made a $6k assignment fee.

Lessons learned? Challenges?

We need to grow our buyers list so we can maximize our profits on our wholesale deals.