Wholesale Deal Turned Flip

[Remi Oguntoye]

Investment Info:

Single-family residence fix & flip investment in Kingston.

Purchase price: $145,000
Cash invested: $15,000

I purchased this property 1/27/2021. We are doing a cosmetic flip that should last about 6 weeks and cost 15,000. I am hoping to sell north of $225,000 when the property hits the market in March.

Scope of work:
Update flooring,
Remodel bathroom
Modernize kitchen
Paint interior of house

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

The seller and prospective buyer colluded to cut me out of the deal on my wholesale. I decided to take it down myself, as it is a cosmetic flip with large upside

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

Cold calling and 6 months of follow up until we reached agreement.

How did you finance this deal?

Personal liquidity

How did you add value to the deal?

Cosmetic rehab

What was the outcome?

Renovation in progress

Lessons learned? Challenges?

Never let buyer and seller meet before closing. Never give up on a deal. Be consistent with follow up. Have a rockstar team around you.

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

Karl Dowden, Attorney