City of Wilmington Wholesale Deal

[Shawn Kostoff]

Investment Info:

Small multi-family (2-4 units) wholesale investment.

Purchase price: $175,000
Cash invested: $1,000
Sale price: $206,000

This property was being used to rent out by the room and the owner was having some financial trouble and needed a quick, easy sale. We were able to work with him and close on the property in a timely manner so he could move on and take care of what he needed to.

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

The seller called me after receiving a postcard about the property he owned.

How did you finance this deal?

We wholesaled this deal to another investor who used the BRRRR method.

How did you add value to the deal?

I was able to use my network of investors and find someone who could purchase the property in it's current condition and close quickly.

What was the outcome?

The seller got the purchase price he was looking for and the investor who closed on the deal got a great, cash flowing property.

Lessons learned? Challenges?

It is important to ask the right questions to find out exactly WHY someone needs to sell their property. This will help you in negotiating and creating the right type of offer for them.