I remember my first $26,000 wholesale deal….
….well, this was kind of a wholesale deal that paid me
in 3 different ways…
1. Money upfront
2. Money every month
3. A chunk of money at the end
I’ll explain more in a minute.
Anyway, I was in touch with a motivated seller who happened
to be an investor landlord and he was tired of the rental
He contacted me with this property that was worth $98,000
if it was fully rehabbed, but get this…
… all he wanted was to get his cash back out of it. He was
that tired of it.
The amount he had invested into the property was only $40,000.
So that’s exactly what I offered him.
The best part about it is he had already did 98% of the rehab work
in the house.
All I had to do was add some carpet and spruce the place up a
bit… $3000 max in rehab costs.
It was a killer wholesale deal!
I knew I was gonna make a killing on this house with very little
effort, so I immediately went out and found someone to purchase the
property from me.
I offered the property to my buyer for $70,000, and he jumped all
over it because there was still another $28,000 in equity in the
I did this purposely for a very quick sale.
The problem was, my buyer had a descent amount of money to put down,
but he couldn’t get a mortgage right away.
Long story short, I was able to collect a nice “non-refundable”
downpayment from the buyer, AND I was also able to collect a
positive cash flow of $340 per month.
And after 3 months I put a nice $23,000 check in my pockets. Do
Not bad at all. Like I said, it was a great wholesale deal.
And the best part about it was, the buyer did all the rehab and put
down the downpayment for me.
So, how did I manage to do this?
It worked great then, but it works EXTREMELY well now.