Wholesale Deal #1

The first wholesale deal is wrapped up and on the block for sale. It took a while to get this under contract. The current owners were a bit hard to get a hold of. I noticed a lot of signatures on the contract when I got it back.

This house is at 3801 Larchmont Lane in Richmond. It sits on a corner lot and has a very nice (large for the city)  level lot. My first rehab bid came back lower than my estimate. That was good to see. I know my second will come back higher.

When doing the numbers, someone can pick this up for $53,500, rehab it for $26k & potentially walk away with $21k in profit. Doing the comps, I have it potentially selling at $101k. I am sure it could go for more. That's just the quick sale amount. I have the after repair value at $112,400. Since most of the houses in the area are going for much more, I know this would sell fast.

To anyone interested, I can serve as the project manager for this property and ensure that all the repairs are done correctly. Also, I have already contacted the property management company to potentially manage the house.

The estimated rent for this property is $850 to $950. With a minimal cash out of $7k (65% Loan to Value), you are looking at a potential positive cash flow of $204 a month.

Not to bad. The actual deal is posted in the DEAL link to the right of this blog. I will be placing ALL the deals there.

Contact me if  you are interested.

Bill Rippe
804-484-5995