Cleve Loveless Wholesale Deal

 

Cleve Loveless Wholesale Deal

Koi Fish Realty Solutions LLC in Liberty TWP, OH

This deal was founded through work being done on my very first rehab since joining FB. I acquired a property fresh out of Mastery. As I was putting my team together, just so happens the roofer had a 2 unit apt building he was trying to get rid of. I reluctantly checked the property out a couple times and I\'m glad I did. Upon driving by the first time, I immediately knew I didn\'t like the neighborhood, it was too far, and I could see a \"nest\" of bugs in the window. I wasn\'t sure if they were bed bugs, so I wasn\'t too eager to get into the property! After a couple of conversations and a reveal that a raccoon had inhabited the property, I eventually walked the property with my roofer/owner. I immediately saw potential in the property, so I ran my numbers through the repair estimator (approx. $20k) and the deal analyzer (ARV $62.5k). Long story short, I knew I had a deal but I was concerned about the sketchy neighborhood. I got the property under contract for $11.5k and immediately started marketing it for wholesale at $18.5k. At this point, I didn\'t have a buyers list, so I posted on Facebook and Craigslist. Coincidentally and through a referral, I was still vetting contractors when I came across (ultimately my end buyer) an investor contractor who was also looking for more properties. After showing the property to multiple investors, negotiating, and some really weird encounters in the neighborhood, we came to an agreement at $17.8k. I assigned the contract. We used a mutual title company to close. From being to end, it took about 31 days; unfortunately, the free and clear deed was misfiled, which took about two weeks to clear up.

Wholesale Details

Property City: Cincinnati
Property State: OH
Purchase Price: $11,500
Sale Price: $17,800

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

I solely used the documents on the FB site. I re-watched the videos on how to complete the documents; and, I reached out on 3 separate occasions to FB coaches, and used them as a sounding board to confirm what I was doing was correct.