Investment Info:
Single-family residence fix & flip investment.
Purchase price: $220,500
Sale price: $375,000
A new wholesaler approached me through social media who wanted to start working with me. I instructed him to start sending me leads that I would qualify or disqualify because he didn’t even know what a deal looked like. After about 20 bad leads, he got this one from cold calling a foreclosure list. It appeared to be a great lead, so I set up an appointment with the seller immediately. The seller was a no-show on the initial appointment but after visiting the property, I could tell it was a fixer from the exterior. I set up another appointment and came back prepared with contract in hand. Once inside the property, I was shocked because the property had the worst cockroach infestation I had ever seen. As I was signing the contract with the seller, there were literally cockroaches crawling up my leg. In this business, you come across some interesting situations, but this was one I definitely won’t soon forget!
I pitched this deal to a short list of trusted friends interested in investing. One long time friend
liked the deal and we quickly closed on it as a joint venture agreement. This deal was financed using a hard money loan.
