Partner Driven Deal Spotlight

Wholesale Deal Sucess in Pikeville, Tennessee with Partner Driven

tony skaggs

PARTNER  | Tony Skaggs
ADDRESS  | White Tail Ridge Rd, Pikeville, Tennessee

Successful Quick Turnaround: Partner Driven and Tony Skaggs Shine in Pikeville, Tennessee

At Partner Driven, we’re excited to share the success story of our recent real estate transaction in collaboration with our esteemed partner, Tony Skaggs. This deal underscores our ability to swiftly identify market-ready properties and capitalize on profitable opportunities.

The Property and Transaction Details

On June 27, 2024, we purchased a property on White Tail Ridge Rd, Pikeville, TN, for $215,000. With no renovations required, we recognized the quick turnaround potential and sold the property the same day for $248,000. This transaction demonstrated our capacity to generate solid profits in a short time frame by efficiently leveraging market-ready properties.

The Power of Swift Market Actions

In real estate, timing is crucial. By identifying properties that require minimal intervention and acting quickly, we’re able to maximize returns with minimal effort. This strategy allows us to deliver fast, profitable outcomes for our partners while reducing holding costs and renovation expenses.

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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.

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2024-10-02T11:09:57-04:00

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