House #60 – Fire Damaged Wholesale House

I just got back from a short vacation and decided to find some time to write this post from the airplane.

House #60 is another fire damaged house we bought, this one in LA County.  It is about 50 miles from us, so we called a couple investor friends and ended up selling this one to another investor.  It is a tiny house; just over 650 sq ft and I think the new owner is going to add a bedroom and a bathroom to make it a more functional 3 bedroom 2 bathroom house.

Closing this took forever, it had code violations and a big fine from the City and the bank who was selling it wanted the listing agent to try to negotiate the fines to something lower.  The bank has absolutely no leverage to convince the City to the lower the fine.  After the listing agent tried multiple times, the bank needed to bring it to upper management to get permission to pay the fine and that is what took the most time.

After closing this deal the day after we bought it, I am reminded how much I like wholesaling houses.  The pay days aren’t huge, but funding conditions, buyer’s credit scores and agent commissions are not my problem.  The whole Buyer brings cash to tables and closes easily.

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3 Responses to “ House #60 – Fire Damaged Wholesale House ”

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  2. Aaron says:

    “I am reminded how much I like wholesaling houses”

    I used to retail everything. Hated the escrows, but loved the big paydays. Then, I wholesaled my first house. I immediately became a student of negotiation and marketing so I could learn to buy lower and wholesale more. The fast closes and quick paydays are very addictive, but I have a whole let less stress and more time, well, do whatever I want!

    Great blog! Keep it going. It is an excellent resource.

  3. Rich ard says:

    Well it’s june 2014 What is happening with your venture? Just curious.

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