Has anyone wholesaled multimillion dollar homes?
I live in the coachella valley and I see a bunch of million dollar homes on sale.
Any thoughts on how to wholesale these? is it the same as any other wholesale?
We’ve dealt with a few but by no means are they our niche. There is a place for them, but the volume of transactions is far lower than say the rental market in a city. You really need to be spot on with your comps for those homes. Also, the DOM are something to be very aware of with a home that size. You will also not tend to find those homes as trashed as rentals/lower income areas so I’d recommend attempting to short sale them. I wouldl assume that in your area that is probably the biggest problem for those homeowners. Several of them are underwater on their payments.
My friend Charise wholesale multi million dollar homes in Virgina but most of them are short sales. IT is easier to find a buyer. You have a lot more time.
Thanks Jon and 2fix for your input.
I’d imagine they are severely upside down on their mortgage.
Wholesaling a Mega Money home is no different than any other deal…
- Have your buyers ready and qualified
- Find them a house
Yes your buyers will be harder to find initially, but yes it can be done…
Another suggestion:
You could use a non-exclusive option contract and no harm would be done either way!
Good luck
Thanx Eric Medem for your response.
Whats a non exclusive option contract?