Tan Pham Wholesale Deal

 

Tan Pham Wholesale Deal

TT & T Homes LLC in Richmond, VA
Tan Pham with Trang Pham

This is by far the \"easiest, sweetest\" deal I have done! Wholesaling Land. I bought my second rehab at a great price and established a strong relationship with the seller who lived out of state. The seller happened to own 3 other parcels of land in the neighborhood where I am actively seeking for deals. I followed up with him after closing on the house and inquired if he was interested in selling the vacant lots. He said he would sell me one of the three lots if I would pay the back taxes on the land which was $4,500. I offered him $6,000. He accepted it. I started putting bandit signs out to attract land buyers the next day since I never wholesaled land before. I marketed it for $25,000 based on the sold comps. There was a lot of interest but most buyers were hesitant to make an offer due to the lot size and the fact that it was a corner lot which would be difficult to get zoning approval. An agent called me and said his client would be interested in buying the lot at the asking price and be willing to wait for zoning approval. At closing, there was another issue. The seller\'s back taxes plus penalty and fees exceeded the original sale price. My closing attorney recommended me paying the excessive amount out of my assignment fee for a smoother closing. That\'s why I netted less than 19k. Although the process took almost 3 months and we closed the day before the city\'s tax sale auction, I was more than happy to pick up that 16,400 closing check.! *Big Smile* I also expanded my network with this agent. He works closely with a lot of local experienced builders and rehabbers who can close fast.

Wholesale Details

Property City: Richmond
Property State: VA
Purchase Price: $6,000
Repair Costs $50
Sale Price: $25,000

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Case Study

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

I realized how important the FortuneBuilder\'s core values are in my business. Without integrity, I wouldn\\\'t have been able to close with this seller on the second rehab that led to this land. Without education, it would have been terrible trying to pitch the deal to investors.