All Forum Posts by: Jahmai Nicome

Investment Info:

Single-family residence wholesale investment in Baltimore.

Purchase price: $35,000
Sale price: $60,000

Fire Damaged Property received under contract for $35,000 sold to a cash buyer for $60,000. Cash Buyer invested $120,000 and property sold for $325,000+

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

Driving For Dollars

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

Driving For Dollars and I met him in person at the house and we talked about Real Estate which our common interest.

How did you finance this deal?

Wholesale - No Financing

How did you add value to the deal?

Providing the seller with a cash out on a property he has no use for in the past 2 years. Provided the cash buyer with a great opportunity to buy his next flip at a deep discount

What was the outcome?

Win-Win-Win All Around.

Lessons learned? Challenges?

When sending properties out to your cash buyers, do not get discouraged if you get no offers the first go around. Continue to look for buyers because they are out there

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

N/A

@India Brown I would highly recommend changing marketing strategies as to focus on inbound vs outbound. During this crisis, yes most people are home and under stay-at-home orders so you will have a lot of conversations doing cold calling/text blasting. However, their at home watching the news being paralyzed with fear and will be very hesitant to work with a stranger during this time.

All strategies work but I believe it will be good to focus on facebook leads and creating a website to generate leads. The market is going to shift in a major way and I believe we have to be ready to serve people(sellers) who need help. Also try to work on learning creative financing as well so you have more than one exit strategy than wholesaling.