NEED ADVICE PLEASE!!!!!!!!!!!!!!

[Joseph Colon]

If anyone can give me some advice. I have a lead and the house is listed for 369,400. Perfect condition but I just got an email stating that their was a loan taken out in 2011 for 148,000. As a wholesalers stand point how should I approach this?

[Hattie Dizmond]

Joseph...if the property is listed on the MLS, you DO NOT have a lead. You do not wholesale properties off the retail MLS. That would be point number 1.

Point number 2 is, you haven't provided any of the numbers necessary to evaluate a deal. You've said what it's listed for, which is irrelevant other than the fact it is listed means you don't have a lead. And, you've told us they may owe on the property. So. Most people do owe on theit properties.

What you haven't told us is the ARV, the rehab costs or what you believe you can get it under contract at. I suspect it is because you don't know. However, without that basic information, no one is going to be able to tell you anything about this situation.

I'm not sure how long you've been wholesaling, but I would guess not very long, and I'm not sure you understand the process. You have to get properties below market value...approximately 70% of market value less rehab costs. If you have a house in "perfect comdition", what exactly do you think would motivate the owner to sell at a 30%+ discount?  I would not think much would. Perhaps a little more education would be beneficial, before you dive into trying to do deals.