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Updated almost 4 years ago on . Most recent reply
My First Wholesale Deal
Investment Info:
Single-family residence wholesale investment in Katy.
Purchase price: $50,000
Cash invested: $150
Sale price: $65,000
I had a seller who needed to sell due to a distressed situation. Put out flyers and yard signs and received several calls and showings with buyers but the buyer we chose was able to close quick within a couple days and the Seller was able to get what he needed as the home would have going into foreclosure had we not closed. One of the other buyers were newbies and was having trouble finding an end buyer. I was a newbie to investing as well.
What made you interested in investing in this type of deal?
This was my first deal and I really didn't know what to do to help. This was a family friend's house and he knew I was a Real Estate Broker and asked for my help trying to get it sold.
How did you find this deal and how did you negotiate it?
I found this deal from a family friend.
How did you finance this deal?
I worked in Oil & Gas and had recently got laid off. I had a lump sum of money from the layoff and also had other real estate deals I was closing as an Agent.
How did you add value to the deal?
I added value to the deal by knowing real estate.
What was the outcome?
The Seller and I both walked away with money in our pockets.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a Real Estate Professional. I'm a licensed Real Estate Broker.
Most Popular Reply
Or said another way, you took advantage of someone in a distressed situation. A realtor or auction company could have achieved a higher selling price and closed the deal prior to foreclosure as well. I am sure you provided these options to the distressed. I get solicited by 20 wholesalers a week wanting my property for pennies on the dollar. Their hope is to find the distressed person with no knowledge of better options. "The seller walked away with cash in their pocket". Pawn shops and pay day lenders provide the same wonderful service.