Wholetail - Worst house in best neighborhood

[Chris Gould]

Investment Info:

Large multi-family (5+ units) wholesale investment in Indianapolis.

Purchase price: $150,000
Cash invested: $34,000
Sale price: $189,000

Wholetail. Just putting an example deal out there.

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

It was risky. It's the biggest house in the neighborhood by far. Historic but not officially. The comps are near 500k and above for a house this big.

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

tons of follow up via direct mail, texting and cold calling.

How did you finance this deal?

terms. 30k down and 1k monthly principal payments for 6 months then balloon.

How did you add value to the deal?

Just cleaned it out. It was filled with garbage and horders when we first bought it.

What was the outcome?

We're accepting offers right now. Hopeful to get an accepted offer this weekend.

Lessons learned? Challenges?

Don't pay for clean out services until the work is completed!

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

Monument Title Insurance Company. They work very hard and are very fair. I only use them.