Caroline made a $16,348 profit using REU’s wholesale strategy; calling the city and using their list of vacant/code violation properties!
This is a wholesale deal that my husband and I just closed on! The property is a 3 bed/1 bath single story brick ranch with 1,336 sqft. I found this deal by calling the City of Raleigh and I got a list of vacant/code violation properties. After skip tracing the owner I simply called her at home. Not even 1 minute into the conversation she completely opens up to me and tells me that she has had 3 strokes and is in very poor healthy. She also states that she inherited the property from her aunt and owes about $1,300 of back taxes on the property. She then tells me that she wants $30,000 for the property. I book the appointment and run the comps and find out that the ARV for the property is $105,000-110,000. After the appointment we get the property under contract 3 days later. Within 2 days, I have secured and end buyer for the property at $40,000. Unfortunately, the buyer is not able to secure the funds to purchase the property so I have to cancel the contract. I then proceeded to re-launch the property and within 24 hours I had secured a new end buyer with proof of funds for a purchase price of $50,000! We completed the transaction with a back-to-back closing yesterday. Our total profit is $16,348.45!