Wholesale turned Flip

[Steven Foster Wilson]

Investment Info:

Single-family residence fix & flip investment in Columbus.

Purchase price: $63,000
Cash invested: $63,000

This was originally a wholesale deal with $10k in commission. However the day before closing my buyer said he could not perform, so I decided to take over and purchase the property myself. I decided to give the current tenant the choice to stay with a bump in rent to $950 or have her move out and then I will just list the property for $100,000

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

North Linden is a very hot area in Columbus OH

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

One of my colleagues at the brokerage found this cold calling.

How did you finance this deal?

Cash

How did you add value to the deal?

I am going to either raise rent or just list it as is.

What was the outcome?

Still in the process

Lessons learned? Challenges?

Always vet your end buyers on a wholesale deal and have a backup in place.