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Author Topic: Ok, I think I found my first wholesale, poosible flip..need feedback!  (Read 1222 times)

Offline TKtheRealtor

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Ok, so I am guilty of being one of those people that have attended seminars, purchased books, follow gurus...etc...scared to leap and honestly I think I took more risks before I was totally educated...the more educated I've become the more scared I am...which is weird!

Anyhow, back to the main point of this post....I've been using this marketing software to catch buyer leads &distressed seller leads....today in my inbox, I've received an message from a homeowner that  she owes 100k on her loan, I pulled comps in her area which range from 149k to 154k, 3 homes sold on her street within the past 6 months. Home is in good condition, needs cosmetic work, but that's about all. I'm thinking I can offer 130k, with at least being able to re-sell for 145k, 154k if I'm lucky. Home is in great neighborhood. 

Now, what should I do....I feel like I should use hard money....I'm scared to do transactional funding, because more than likely the end buyer would need financing & it may take longer than it should to close. I see potential with this deal, but not sure which route to take....any suggestions? :

Offline DamGeo

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Re: Ok, I think I found my first wholesale, poosible flip..need feedback!
« Reply #1 on: January 01, 2012, 01:58:12 pm »
Hey TK, Im not sure if there is a deal here. You are looking to wholeale this property correct?? If so, and you offer 130k on a property where the ARV is only 149-154k, and some work has to be done to the property, where is your end investor going to make there profit??

Also if you are planning to buy and sell to retail market you have to factor in holding costs if the home doesnt sell as quick as you would like. Also factor in the cost to your HML..

Not sure what your exit strategy is and how you were looking to get rid of the property..

Offline DAIBGroup

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Re: Ok, I think I found my first wholesale, poosible flip..need feedback!
« Reply #2 on: January 01, 2012, 07:10:19 pm »
Hey TK,
I agree with DamGeo.  The strategy all depends on your exit strategy. 

 




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