BiggerPockets

as the title says, can i market the house without it being under contract. I guess I'm trying to make a perfect deal happen buy getting the house sold before I even put my ernest money down. I'm just scred that the deal isn't good, and don't want to loose $1000 of getting a bad house. I can't physically check the house out ( in iraq) but i do have contractors that can do it for me.

I found this " deal" just don't know if there is anything to make out of it.
18.5k, owner will finance. they want 3k down though to lock it up ( this is a wholesale company)

I have gotten two replies from them saying that the house needs 15k of repairs and 25k. Now thats a big difference so i figured i would send my guy out there.

From what i pulled on cyberhomes and zillow, i got an ARV of between 50-60k. I figured for my first wholesale i could probly pull like 5k out of it depending on what i would get it for, but I'm not sure of the neighborhood and other stuff that I can't physically go find. I asked them if I could assign it and they said I would have to close within a week. They are basically making it pretty hard on me so I think I'll pass unless someone else has better advice or a avenue i haven't thought of.

I'll tell you something I did before. Not sure if it was the best idea. Basically it was one of my first wholesale deals. because of that I was a little scared that I was doing it wrong.

I had made an offer on a house through a letter of intent (obviously doesnt really mean anything) We were meeting the next day to sort out the contract. It was early, so I decided to go ahead and try to market the house to my current buyers list via e-blast.

I wanted to see if there was any interest in the house and the numbers I had come up with.

I would tell you that it is ok to market the house before it's under contract, but I would make sure of 2 things first. One, you can pretty much guaruntee that you will get it under contract, and 2, dont publicly market the house, maybe send out an e-blast first just to see the interest of the house and the numbers.

I did sell that house, and it was an investor from my email list. He had told me he was interested (pending his look at the house) so I went ahead and got the contract the next day. Closed in about 15 days.

By the way, you stated that you are in Iraq, I am assuming you are in one of the branches of the armed forces, I just want to say thank you for your service!!

Cheers! :beer:

In my humble opinon for whatever it is worth, this is exactly the wrong way to do your first wholesale. It is tough to wholesale despite what the " gurus" tell you, and with you being miles away it is even more difficult. If you are dealing with a wholesale company and they have any type of clout in the area, you have to have a buyer in hand already that can't get to the deal or them without you.

It is very hard to wholesale a wholesale (if that makes any sense). Keep your head up though, and if you want to do a wholesale deal do it hands on so that it will be successful. There are so many things that can go wrong on a good one till you are opening the door when you got a bad one with a lot of questions with it.