Just wanted to let you know that I closed my first “BIG” wholesale Contract and hit a Trifecta.
Contacted one of my Investors who was remodeling a home to Flip.
1.) Asked him how much he was going to sell it for when done. $750,000.
2.) He was about 35% done and I asked him, if he was to not put another $ into the project, what would he sell it for “AS IS”. $550,000.
3.) I wrote an agreement with him for $550,000 and told him to give me a week.
4.) I approached another investor and sold the contract to him for $567,500. and netted $17,500 for myself.
Now here is when it gets better!
I contracted with the investor to re-design the house to fit their needs and have my Construction Crew to do the work. We are in plan check with the city for the remodel that will cost my Investor another $700,000 to complete, allowing me to pick up an additional $35,000 net to me.
When the house is done sometime in May and they move in, I’ll be selling their old home and 3 condo’s that he owns to pay off his $700,000 additional cost to build.For me, I’ll get the commission from those sales as well.
“A big thank you to all of you for educating me on Wholesale selling”