Hello all, I think I may have a possible deal. The seller has 8 houses that’s cash flowing and he want to sell them all together for 300K. That’s 37’500 a house. I checked some comps for the area and they are between 35-45K. Can I wholesale these to a buyer? and how would I contract these? All input welcome. Thanks
comps are retail? if i read that right, then probably not possible to wholesale.
remember your wholesale deals need to be ATLEAST 30% BELOW retail value if its going to be a cash deal
Thanks for the question mrgino.
Here’s what I might suggest: if you have great rapport with the seller let him know that it seems the price is a little bit high for you to buy, but that you’d like an option (personally I’d make it non-exclusive but that’s up to you) to buy the property for the price he wants to see if you can find a buyer that is willing to pay that price. With your option, begin to market the properties to build your buyers list and talk to your potential buyers to find out more of what they want.
It is very likely that this will not be a deal that you ultimately end up wholesaling, but you can use it as a springboard to strengthen the relationship with the seller (who may ultimately lower the price and make it worth wholesaling as they see you doing the work) and to build a stronger buyers list as you continue to look for more properties.
In my opinion, it is a good idea to always be building and strengthening your buyers list.
To be clear, be a force for good and be of service by coming from a spirit of helpfulness in all your dealings.
I agree with James.
And, I will ask that maybe he/she would consider letting you sell one of them to see what happens. Or, if they will let you Sandwhich L/O one of them?