I am a co wholesaler in Miami.
I sell about 3-5 deals per month and come across 50-100 damaged properties from over 40 partners and investors every week. These $30,000 - $80,000 damaged houses sell in a few days.
How would I go about picking a few of those deals and trying to work with a private lender that has money but no deals.
If I work with a private lender that is flexible how can I bring them a deal that I think is the best to work on, and partner up with them to get it for as low as possible and then have me immediately re sell it AS-IS and split the profits 50/50 or whatever profit split works.
If they don’t want to re flip because they want to rent it out or rehab it then we can agree to pay me X amount as a finder fee.
I want to do this all with no money out of my pocket.
We can then do it all over again.
Hi,
Why as a wholesaler would you want to "Own" property to flip rather than control property to flip and either assign or use transactional funding to close to your buyer. Typically it will take 7 to 10 days to close to you, you have to pay closing costs, realtor fees and associated costs to close versus just simple controlling your contract and moving to close to your end buyer.
In fact ownership involves liability and costs of upkeep, insurance, maintenance and being subject to “Red Tags”, etc.
It’s one thing to own to rehab and flip or rehab and make rentals but I sure would not buy to flip as inventory is expensive!
GR
You might consider contracting those homes with an option contract and deposit; then take them to the other wholesalers and assign for a fee/mark up or do a double closing at a higher price. Must have consideration to bind an agreement…if you have $10.00 and the ability to negotiate, this will work.
Hope this helps.
Rob