None of the numbers have been verified by you.
The HML ‘and’ the wholesaler are one and the same? How convenient.
Whom else has purchased/invested with these con artists, to know that they are actually not pawning off overpriced, low upside properties as “deals?”
If you didn’t pull an appraisal, it’s not an appraisal you’ll consider at face value.
There’s a reason they call MAI appraisals ‘made as instructed.’
Meantime, what comps did you compile and verify, besides what the seller gave you?
Have you independently verified the rental comps? Where’s the source of those comps.
I like rent-o-meter.com to see how the rents stack up against what I’ve been quoted.
Forget a 90% refinance on a non-owner-occupied property.
Not gonna happen. 80% maybe? 70% probably. 60% you bet.
Not to rain on your bubble here, but you don’t have independent verification of the seller’s numbers.
Short of independently verifying the seller’s numbers, and you’re just a Kansas City gambler.
Think about this, and it’s not to get you to say ‘no’ to this deal, but just to confirm it’s a wise move for YOU…
Ask “Why isn’t the HML/wholesaler rehabbing and profiting from this himself?”
There could be a legitimate reason, but it needs to be along the line of ‘we don’t do rehabs.’
It should not include “We’ve got too much on our plate.”
That just means this deal is too skinny to screw with, and we’ll just pawn it off on a newbie who doesn’t have our number …yet."
That’s all I’ve got. Verify. Verify.