Hi ya’all, I’m Mike from Silver Spring, MD retired Military (21yrs) :beer…
I have been reading this website for quite a while now and this is where i got my motivation to start this bussiness. :banana
I wasn’t able to buy a house, while in service (moved alot) and did not save much. I have alwasy wanted to invest in Real estate, but Im BROKE!!
so I have decided to do some wholesaling to collect cash flow, and then go on with bigger things… I am sure most of you can relate. :doh
I have found AN AWESOME DEAL where the seller is a FSBO and it is not listed in any MLS, the Seller is very motivated. They bought another house and can not afford to pay 2 mortgages. They need to close within 16 Days!!! BUT I CAN’T find a buyer (an Investor), please tell me what can I do??? any advise? Please help :crying
have you tried posting on craigs list? is the deal at 65% or less? If the #'s are right you should be able to get rid of it. How close to the property do you live? Have you tried signs? I have a bunch of ideas, been wholesaling for yrs. just would need to know a lot more about deal to know what to tell you.
First of all, you didn’t give us any NUMBERS to work with. People write in all the time about a GREAT deal they found and in about 2 seconds they get shown that the deal stinks.
We need the following info to help you…
How much do these people OWE on the home? That should be your first question to ANY seller. If the homes in that area are priced at $200K and they owe $195K your going to have a very short conversation. If however, they only owe $45,000 on that same home you’re going THERE to meet them NOW!!!
How much are they asking for it?
Next question… What are houses actually SELLING for in that area? Notice I didn’t say listed for… big difference, especially now. Get those numbers. If you have trouble finding them remember…you want to wholesale this home. My advice is find THE CHEAPEST home in that town/city and make sure the one your getting is bigger, nicer, and CHEAPER. Then it will sell.
Wholesaling in this market is tough. I just bought a 4 bed 2 bath home for $8000 that needs a lot of work. Similar homes in that area sell for $35K, I priced mine at $30K and sold it in 10 days for $28K, Those are the types of numbers you need to see. The zero’s at the end aren’t really that important. That home I purchased could have easily been $80,000 if the comps were $350,000 selling it for $280,000 is still the same percentage discount. I made money because I paid dirt for the home. That dirt can cost $100K or 10K, as long as the other homes in the area are substantially higher YOU WILL MAKE MONEY.