Here are the specifications of my first Wholesale Real Estate Deal:
MLS Listed: $99K. It was a SFH owned by divorced couple who lived out of town & it had been vacant on and off for 10 yrs.
My Offer: $30K
Their Counter: $39K
My Answer: I told them due to the “repairs”, I could only do 30k. They came back and accepted my initial offer of $30k.
Repairs: Almost nothing. It required a small bit of mold remediation in basement, and updating of kitchen and bath. The house was in over all great shape considering it had been vacant so long. It also had an unfinished construction job (room addition) in basement.
End buyer: Purchased for $36K.
Wholesale Real Estate Deal Profit: $6K to me at closing!
Capitol Heights, MD