The Audi house has been wholesaled. Bought it – check. Didn’t do any work to it – check. Sold it cash – check. Got a check – check. You can never have too many checks.
This one was named the Audi house only because the seller drove a nice Audi that we talked about for a while. Just couldn’t come up with any other name for it.
No high dollar crazy check picture on this one because we received a huge loan overage at the closing when we bought it because I had intended to rehab it. We actually had to bring money to the table to close it when we sold it. Really sort of weird paying money at closing when selling a house considering what we ended up making on this wholesale (don’t worry it’s coming…).
A lot of houses were bought in a short period of time and this one needed more work than the others so I decided to tell another investor about it when he called looking for a deal. He immediately went by the house and told me he wanted it. We quickly signed a contract and closed just under two weeks later.
I just couldn’t pass up a quick $19,011 in profit! 🙂
[Lead Source: Website]
This is a 4 bedroom, 2.5 bathroom, 2200sf house that was built in 1968. The house is completely outdated. I would have completely remodeled the kitchen, bathrooms, flooring, light fixtures, doors and painted everything. The house also needed some leveling. It is a single-story house in a good neighborhood. The house was also filled with the previous owners belongings (a ton of stuff) and we sold it just the way we bought it, with everything still in it.
|Purchase Date:||September 29, 2011|
|Settlement Fees:||$1,296 (title policy, closing fee, insurance, loan fee)|
|Resale Date:||October 28, 2011|
|Settlement Fees:||$1,693 (closing fee, half of title policy, taxes, loan interest)|
Not bad for just buying and selling. I’d rather do these all day long than rehab and wait to sell.
The ARV for this house is about $160,000. I estimated the repairs at about $25k. 70% of $160k is $112k. Subtract $25k in repairs and you have $87k which is what we sold it for. Obviously, when I bought the house I was being more conservative. I used 60% of the $160k ARV for my offer because I knew it was going to be more time and work. My offer was below MAO to allow for some negotiating and the seller took it after some consideration (2 days). I was pretty sure he wasn’t shopping it as he lived outside of town and mentioned being busy and not wanting to commute in to town to show the place.
Wholesaled Audi House Before AND After Pictures