dear rei,
I found a home that I no will not last on the market due to the deal it is. I would love to begin my venture of wholesaling this home to get started on my way in real estate investing.My question is where do I find investors that are looking to purchase wholesale homes???
Is there a site I can go to? thanks for any info. you can give.
If it’s the deal you say it is, first get it under contract and then market it for sale (Craigslist, bandit signs, REIA meetings, etc)…they’ll come to you.
What are the numbers on this deal, by the way?
hello rei,
I have one question , this property is cash only and a great deal for a wholesale property or a rehab,but as a wholesale property it is one price- which the investor would agree upon it he or she chooses. As a rehab property the money lender would need to know the cost of the home and repair cost,my question is this: can the money lender make the decission on the wholesale price or can I not give on that?
This home would be worth in the estimated range of 180,000.00 when finished,I would wholesale this home for 40,000.00,but a rehab would be great with no outside hiring contractors,us doing all the work.
I have first tibs on this home for now,great location,bi-level 2 story with basement built in 1986.light color brick/t1-11 siding 2 car garage attached.huge room addition not finished,top level.
needs garage door replaced, one part of home t1-11 needs replaced,trims boards replaced,odds and ends.wall to wall stone fireplace,3b/3b, brick island cook top in kitchen,brick wall /pillers for interance way to property.nice homes around it, at end street ,last home on street, fenced.can give more details on numbers once i no best way to go on this home,thanks for any info. to help me.
You are getting wrapped around the axle. What you want to do is wholesale the house. After you get paid it is gone. Let the investor deal with it as he does. That is his business not yours. Don’t bleed into other ventures with this house. Get control of it. If not it will just be another one that got away. Do like nsu1997 said get it under contract and then market the heck out of it. Get your check and move on.
Exactly…honestly I was having problems understanding exactly what moneytalks was trying to ask. In short, what Bluemoon said. Just tie it up, market it, and see it sold.
Different rehabbers have different strategies and intentions (some pay cash, some borrow, some rehab to high standards, some to basic standards, some hold for rental, some immediately resell, etc) so don’t try to figure out what he’ll do with it. Doesn’t matter, it’s his problem once you’ve sold it and got paid. If it wasn’t a good deal he woulda never went through the trouble and expense of buying it, let him worry about all that.
To paraphrase Bluemoon again you can’t wholesale in slow motion. A $180k house for $40k sounds like a VERY good deal. You better get it locked up like YESTERDAY. You may think you have 1st dibs, but let someone come along and offer $40,100 and you’ll see just how loyal the buyer is to you. lol
I usually recommend to build a buyers’ list first, before looking for properties, but in your case, since you have a hot deal in your hands, this is what I would do.
- Do an MLS search for the area and look for houses sold for cash in the last 6 months
- Contact the selling agent or look up the buyer in the tax records
- Most cash buyers are investors/wholesalers/ rehabbers - they will welcome a deal like that
- Contact the buyer or the selling agent and tell them the deal you have
It works! :biggrin
THANKS REI MEMBERS,
Wasnt real sure which way to go with this house thanks for setting me straight.I agree with all the comments and always a pleasure to get advice from rei members.
thanks again
You might try this site for cash buyers http://www.leadtackle.com
I’m getting good response from it. :bobble
Welcome! Did you get the deal? What happened?