Partner Driven Deal Spotlight

Wholesale Deal Success in Detroit, Michigan with Parner Driven

rod king

PARTNER  | Rod King
ADDRESS  | Kipling St, Detroit, Michigan

Successful Quick Turnaround: Partner Driven and Rod King Shine in Detroit, Michigan

At Partner Driven, we’re excited to share the success story of our recent quick turnaround transaction in collaboration with our trusted partner, Rod King. This deal underscores our ability to identify profitable opportunities and act decisively, delivering value with minimal holding time.

The Property and Transaction Details

We acquired a property on Kipling St in Detroit, MI, for $197,000. Recognizing an immediate opportunity, we made a swift resale the same day for $205,000. This fast turnaround highlighted our capacity to create value through efficient processes and strategic market insight, generating profit with minimal investment in time and resources.

The Power of Quick, Strategic Transactions

In real estate, speed and decisiveness can drive profitability. By leveraging market insight and moving swiftly, we maximize returns while keeping holding times to a minimum. This approach allows us to deliver profitable outcomes efficiently for our partners and stakeholders.

kipling st, detroit, mi

Frequently Asked Questions About Wholesaling a Real Estate Deal

Wholesaling in real estate is when an investor (the wholesaler) contracts a property from a seller and then assigns that contract to a buyer for a profit. The wholesaler doesn’t typically purchase the property but makes money by finding a buyer willing to pay more than the contract price.

A wholesaler earns money by selling the rights to a property contract to a buyer at a higher price than the original agreement. The difference between the contract price and the price paid by the buyer is the wholesaler’s profit, often referred to as the assignment fee.

In most states, you don’t need a real estate license to wholesale properties. However, some states may have specific regulations regarding how wholesalers conduct business, so it’s essential to understand local laws.

An assignment of contract is the legal process allowing wholesalers to transfer their contractual rights to purchase a property to another buyer. The wholesaler acts as the intermediary and assigns the contract to the end buyer, often for a fee.

Wholesalers typically find properties through various methods, such as driving for dollars, searching foreclosure listings, using real estate marketing tools, or networking with motivated sellers and investors. Off-market properties and distressed homes are common targets for wholesale deals.

Some risks include not finding a buyer before the contract expires, underestimating repair costs, or overestimating the property’s value. Additionally, failing to follow legal guidelines for wholesaling could lead to issues with contract enforcement.

The timeline for wholesaling can vary. It can take as little as a few weeks or up to a few months, depending on how quickly a wholesaler finds a buyer, how motivated the seller is, and the contract terms.

A double closing is when a wholesaler purchases the property and immediately sells it to another buyer, usually on the same day. This can be useful if the end buyer doesn’t want to know the profit margin the wholesaler is making.

Yes, wholesaling typically requires little to no upfront investment because you do not purchase the property; you only assign the contract. However, some deals may require earnest money to secure the contract.

Partner Driven offers mentorship, financial backing, and expert guidance throughout wholesaling. From finding off-market deals to assigning contracts, Partner Driven helps wholesalers navigate the complexities of real estate investing while minimizing risk.

More Deals with Partner Driven

About Partner Driven Real Estate

Partner Driven Real Estate Investing is a nationwide leader in real estate investment, offering a unique and comprehensive approach to learning and succeeding in real estate investing. Founded by industry experts Peter Vekselman and Julie Muse, Partner Driven combines advanced technology, full funding, expert mentorship, and collaborative partnerships to empower individuals & give them the resources to achieve their real estate investment goals.

Coaches live event 2022-2
2024-11-04T08:24:11-05:00

Share This Story, Choose Your Platform!

FacebookXRedditLinkedInTumblrPinterestVkEmail