HI , I have not done a wholesale deal yet, but i have started building a buyers list . while in the process of building my list I had another investor contact me with a deal he is wholesaling. so my question is , how can i go about wholesaling another investors deal to someone on my buyers list? so basically wholesaling a wholesale. he is offering it at 75k, which is a good price , i think good enough for me to raise the price to 79k and still be able to sell it . I just dont know how to make the transaction work if i would find a buyer ???
it is a SFH in a working class neighborhood, comps 140-150k it is already 65% rehabed with new kitchen and baths that are 90% finnished , 3 bed 1.5 bath , new heat system and some new windows , it still needs around 12-15k to finnish , i have rehabed in the neighborhood before and if i were goin to sell it at retail i would say it would sell quickly at 140 .
this wholesaler contacted me about his property b/c he saw my ad on the local craigslist , i mentioned to him about raising the price a little from his price and offering it to my buyers list but i belive he is pretty new to wholesaling as well and was not sure how that would work so I just told him i would try to find out and get back to him
If the numbers work you will simply fill out a assignment of contract between you and the wholesaler with the words (and/or assigns) after your name. You will also fill out another assignment of contract between you and someone from your buyers list. I Hope this helps.
Better yet, put the home that is being offered on a short term lease option that is contingent upon you finding a buyer prior to the seller putting the home under contract with someone else, then if you find a buyer you have the protection of the option and you can just move towards closing as usual.
I dont see the logic here,if you can retail for $140K making 85minus (precost plus rehab netting you $55K why trying to gain only $5K,by just selling to the next wholesalebuyer