House #9 – The Wholesale House

I just got back from wiring money on House #9.  We wholesaled this house to the same investor who bought House #7A and #7B.  He is looking for rental properties and already has this one rented for $900/mo.  It wast listed for $89k in the MLS, and we ended up selling it to our buyer for $52k with a small profit for us.

House #9 is a great deal, but it is tiny!  It was built as a 1 bedroom, 1 bathroom but at some point the owners illegally converted the garage to a second bedroom.  The house only requires very minor repairs (it’d be a stretch to spend $10k).  Since we do not want to focus on rentals at this point we ended up selling it.

We are double closing this deal, so we had to close escrow for one day (tomorrow), and the next day our buyer can close (Thursday).  So, if everything goes as planned we should have all of our money back by Friday.

Here it is:

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2 Responses to “ House #9 – The Wholesale House ”

  1. Jason Harris says:

    I m getting started on wholesaling. I have absolutly no money!!! but two good properties and 5 good buyers! this might be my first wholesale deal. But Im nervous about how to get this deposit problem worked out(no money) can you help me? Also do I need my own money for proof of funds even though Im wholesaling it to someone else?

  2. Steve says:

    Hi Jason –

    Congratulations and welcome to wholesaling. Are the properties REO properties? If they are you are going to need a deposit. How do you know the properties are good deals?

    Let me know if the properties are REOs or where you are finding them, because that dictates your options.

    Good Luck.
    Steve

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