Investment Info:
Other wholesale investment.
Purchase price: $35,000
Sale price: $40,000
Met this seller through a mail campaign I did in Charleston,South Carolina. He called me to tell me that the subject property was not for sale. I asked if anything else in his portfolio was. He told me that an acre of land in NC was. I called around, met a local agent, and ran some numbers. We came up with a good offer price and locked it up. We marketed the property to our lists and brought a qualified, cash buyer and assigned it for a fee. We, our seller, and our end buyer all won on this one!
What made you interested in investing in this type of deal?
Ease of transaction and scalability
How did you find this deal and how did you negotiate it?
Mail marketing.
How did you finance this deal?
Wholesale, no out of pocked expense!
How did you add value to the deal?
By leveraging my ability to structure the deal and utilizing my buyer's list to dispo the deal.
What was the outcome?
5k and hopefully another couple of deals to come with the crew I put together.
Lessons learned? Challenges?
I would have structured the margin more conservatively. Nonetheless, I am happy with how it went down.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Robert Pompey III from Winston Salem. He was excellent.
