I just had a wholesaler call me and offer me a 4plex for $82,500 I think I can flip it for $$89,500 the place is fully rented and paying over $2000 a month in cash flow. Shud I Have a contract with the wholesaler or get one with the seller or both? The WS says shes got it under contract for the 82.5 Anybody wholesaled a wholesale deal before?
what are the parameters of the deal? does she have a price she needs to net on the deal? Is it a 50/50 split? Figure that out and then go get your buyer.
The easiest thing to do is to have the WS contract to sell with your buyer, and then attach a lien invoice to the contracts for your cut. The title company will cut you a check at closing for that amount. however, if you want to keep your buyer secret, you will need to contract to purchase with the WS, and then also contract to sell to your buyer. Lots of contracts with this route, but if it’s important to you, then do it.
The wholesaler is offering it to me for $82,500 She has her profit in there already, I don’t know how much, I can flip it for $89,500 I got a cash buyer ready to jump on it. This 4plex is pumping out $2,070 pr month. I’m thinking I will get a signed agreement with the wholesaler for the $82,500 and another signed agreement with the cash buyer for my 7K cut. I want to get it all signed and locked up b4 I let the buyer and WS meet.
If he is a cash buyer you could always double close… Then again you will lose most of the 7k in closing costs and maybe in the transactional funding… My question is how good is the wholesalers relationship with the Seller?? There is a really easy way to do this if that relationship is good.
Closing costs? Transactional funding?
Why do you need any of those? You’re just flipping it…
Your buyer pays all closing costs. And no need for any funding. You’re just shuffling contracts.
You have to have a contract with the wholesale… so that in the mere time there will be no conflict in the future with the wholesaler.