My First Wholesale

Easy money, and way easier than I thought!

About the Property


About the Deal

Why I liked it

I already had an end-buyer lined up and knew exactly what he wanted, so I went on the hunt for it.

This property met all of his criteria and had been on the market for a long time, so I thought I’d be able to negotiate it down even more (and I did).

Deal structure

Put under contract by me, and then I assigned the contract to the end buyer for a fee.

Deal outcome

I was able to negotiate the price down 14% from its initial asking price and received a higher fee because of that.

The property appraised at the original contract price, and the existing tenant’s lease jumped by $50/month within a couple of months after closing, and then another $50/month within the first year, so my buyer got a great deal.

Projected Numbers

Contract Price: $85,000
Assignment Price: $2,500
Rent: $800

Actual numbers

Contract Price: $73,000
Assignment Price: $2,900
Rent: $900

Deal Outcome


Lessons Learned

1. It is entirely possible to make something happen when you have no idea what you’re doing.

2. If you don’t know how to do something and you have the deal, someone will teach you how to do it if you ask nicely.