Irene Cope Wholesale Deal

Wholesale Details

Property City: Maple Ridge
Purchase Price: $312,400
Holding Costs: $2,128
Sale Price: $320,000

* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use.



Case Study

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

Our company paid a deposit of $100 to our lawyer in trust. We did not have to put anymore more money into this deal, because we did a 'skip transfer' closing.


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

N/A


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

We advertised on Craigslist. After the first month without finding a serious buyer, we sweetened the deal by offering the Seller more money for his property, if he agreed to pay more rent each month. He agreed and with the improved monthly cash flow, we were able to find the perfect Buyer for his property.


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

1) - what might seem like a good deal to you, may not to other investors. 2) - make sure you have a good lawyer. Ours was expensive, but he knew his stuff. When both the Seller and the Buyer hired notaries, instead of lawyers, the deal almost blew up. Thanks to our lawyer, he was able to walk both notaries through the process and the deal closed on time and without any difficulties. 3) - find the true motivation of the Seller a.s.a.p. We had to restructure the deal several times until we understood exactly what the Seller wanted. 4) - when dealing with a half duplex, approach the owner of the other half to see if he would be willing to sell his half as well. We lost several potential buyers, because they wanted both sides of the duplex.


Shout Outs & Testimonials

Thank you, FB and coach LaDonna for the insight you shared with us regarding cash flow and cap rates. This made all the difference in attracting our end buyer. We love all the trainings and support given to us by FB. We also love and live by the philosophy of a 'win-win' for everyone and we are so grateful to belong to the Fortune Builders Family!