JoAnna Anderson Wholesale Deal

 

JoAnna Anderson Wholesale Deal

Charlotte, NC
JoAnna Anderson with Jeff Anderson

We found this REO property on MLS. After only a few days on the market we were in a multiple offer situation. We made our offer more attractive by making a larger earnest money deposit and a shorter inspection period. After our offer was accepted we received a call from another realtor that was also bidding on the property. He offered to purchase the property from us because he wanted to live in the property with his family.

Wholesale Details

Property City: Midlothian
Property State: VA
Purchase Price: $160,100
Sale Price: $167,500

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Case Study

How did you find and structure the financing of this deal?

This was our first double close and the profit margin was a bit smaller than what we wanted to get from this deal so we had the end buyer place the entire purchase amount in escrow. We then asked him to allow us to use his money to do the first closing.


Provide a summary of the repairs and improvements you made to the property.

We didn't make any repairs to the property.


How did you find a buyer for the property if you sold it?

The buyer found us! Once I put the property under contract (as a licensed agent) the end buyer looked on MLS and found me.


What are some of the major lessons learned that you would like to share with other students that they can learn from?

Leverage other people's time, money, and knowledge whenever possible. Transactional funding would have cost us $2400 but we leveraged the end buyer's money to close and we were able to increase our profit.