Investment Info:
Single-family residence wholesale investment in Fayetteville.
Purchase price: $95,000
Sale price: $97,000
We weren't able to profitably complete this project, but the owner wanted to sell the property. Luckily, I have good friends who have better systems in place to take on projects with less overhead.
What made you interested in investing in this type of deal?
Typically I never intend to assign a contract. If I put something under contract, it's because I am the one buying. However, we built rapport with this homeowner over a few months and they expressed their desire to exit. Unfortunately, I couldn't make it work for me at their price point, but we were committed to finding a solution for them.
How did you find this deal and how did you negotiate it?
Propstream list followed by text messaging campaign.
How did you finance this deal?
Assignment of Contract.
How did you add value to the deal?
While we didn't add value to the "property" we did add value to the "deal". The homeowners got the price they were asking and the investor we assigned it to now has a new project.
What was the outcome?
Small profit, built relationships, tested processes.
Lessons learned? Challenges?
This was a smooth deal. Being upfront with the homeowner and the assignee made it an easy transaction.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Single Source Real Estate Services
