Wholetale deal, started as brrrr

[Joey Sostheim]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $30,000
Cash invested: $6,000
Sale price: $45,000

This was a hoarder house we bought with intention of being our first Brrrr investment. My mother in law however decided she loved the location so we tore the house down and sold her the lot where she built her home. I guess you would call this a wholetale deal

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

After finding BiggerPockets this was our first stab at investing

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

I was at a pool party and overheard a friend talking about this house he got for 10k in a great location I was familiar with. After a beer or two and a couple of hours I agreed to $30k sight unseen

How did you finance this deal?

Cash

How did you add value to the deal?

Cleared the house of the lot and made room for a new one

What was the outcome?

My mother in law purchased the lot for just over what we had in itand built a beautiful home here In the neighborhood.

Lessons learned? Challenges?

I learned to pull the trigger and get going! Probably the hardest thing to do as a newb.