Investment Info:
Single-family residence wholesale investment in Detroit.
Purchase price: $15,000
Cash invested: $16,121
Sale price: $41,000
My first wholesale deal!
What made you interested in investing in this type of deal?
I have represented investors as an agent for over 5-years and watched how profitable it could be.
How did you find this deal and how did you negotiate it?
I hawked Zillow for sale by owners and called her as soon as I saw her post it, she was a tired landlord that was highly motivated to sell. She was priced at $15k and I made a full-price offer. When I met her I told her that she could sell for more and she stated that she appreciated my honesty and agreed to sell it to me at her initial price because I was honest with her.
How did you add value to the deal?
I used Redfin to pull the comps in the immediate area within the past 3-months and I knew right away it was a deal.
What was the outcome?
I purchased it and closed on it, the day I closed on it I put it up for sale without spending a dollar and sold it for $41k
Lessons learned? Challenges?
There are deals available no matter the market rumors, you just have to look.
