well i see you have a lot of views no one posted if you havent gotten any emails on this im sure if you posted some info on this property your trying to wholesale that many experienced investors on here would be willing to help for free…as most will attest to in this business what goes around comes around you help people and are not selfish your business will grow so if you give us some numbers maybe we can help…
1.what can you pick up the property for?
2.what is fmv or fair market value
3.do you have a buyers list set up if not do you know how to
4. are you part of your local rei club this could be a huge help to you
well are planing on wholesaling the contract or are you getting more involved here and doing a double closing how is that you plan to exit and make that 10k…now you said this a motel condo im not sure i have ever heard of such a thing please explain what you mean by that and if it is just a condo then if comps show 65k and owner is asking 69k im not sure how you determined that they are motivated…but by all means if you can get it for 70k and sell it right away fo 80k if you can get the deal so that the current owner pays your closing cost and your buyer pays there closing cost this could make you some money i guess i need to know more by what you mean motel condo
Here is how I see this could work.
1 Comps 65K
2 Owner Asking 69K
3. You have a buyer for 80K
4. You want to make 10K
If this is all true. Get the property under a contract (assignable) for as much as you agree and then sell it to your buyer for 80K you made at least 11K (minus my lunch lol). You pay nothing for closing costs.
Have you qualified your buyer at 80K? How reliable is it he will pay almost 25% over fair market value as determined by comps? How motivated is your seller?
You want to make $10K?? Dunno how on earth you see that working. You split profit 50/50, and you want “net profit of at least $10K”. That means $20K to come out of this deal. If you’re hoping for at least $70K (knowing that comps are ~$65K; why do you think you’ll sell higher than that in a short period of time?), and buy at $50K, I don’t think you’re gonna have room for the profit you’re talking about. And that’s assuming two of the most critical points here are givens, both selling at above market value, and getting the property for ~70 cents on the dollar from asking price.
Also be careful about how you handle this. As far as I have read, this is the kind of wholesaling (finding buyers for the property before you even have it under contract yourself) that can be seen as crossing into unlicensed brokerage.