Rental Property Investor · Beaverton, OR · Member since 2018 · 18 posts · 5 votes
Me and a friend got involved in wholesaling last year. We took a break due to some life issues, but now he contacted me about his friend that is trying to sell his home, without a realtor. He wants to sell the home for $210,000, and after looking at the comps, the houses around that area in the last 3 months, sold for $190,000-$240,000.
I will be calling him today to discuss selling the home, but I want to wholesale the property (Offering around $140,000). I'm just not sure how to navigate the conversation if he asks why can't I sell it for $210,000. He also owe's $125,000 on the house.
You can't force someone to be motivated maybe the best route for him is to use realtor. Wholesaling is used to sell quicker than traditional route and more convenient for the sacrifice of price. If he is okay with being patient and house is in good condition and has no motivation maybe best he use a realtor. If he is motivated, needs to sell fast with cash, and like has repairs needed then that how you answer his question when he wonders why your going low to sell.
You can't force someone to be motivated maybe the best route for him is to use realtor. Wholesaling is used to sell quicker than traditional route and more convenient for the sacrifice of price. If he is okay with being patient and house is in good condition and has no motivation maybe best he use a realtor. If he is motivated, needs to sell fast with cash, and like has repairs needed then that how you answer his question when he wonders why your going low to sell.
You can't force someone to be motivated maybe the best route for him is to use realtor. Wholesaling is used to sell quicker than traditional route and more convenient for the sacrifice of price. If he is okay with being patient and house is in good condition and has no motivation maybe best he use a realtor. If he is motivated, needs to sell fast with cash, and like has repairs needed then that how you answer his question when he wonders why your going low to sell.
Thank you Jamiel for the quick response! I was wondering, is it possible to bring him a tenant, then let that tenant pay off his mortgage? But then again, I don't see where I can make any income from that.
@Jonathan X Sanchez If he’s truly your friend, the best thing you could do for him in this situation is refer him to a Realtor. You’d be doing him a disservice by trying to wholesale it for $140k.
@David Avetisyan The home owner is not my direct friend. My direct friend met him through work a couple months back and asked if I can help work out some sort of deal since the home owner really doesn’t want to work with a real estate agent. I’m into wholesale which is why I tried to see if I can wholesale the property, but there doesn’t seem to be any indicators that I should. Just seeing if there are any ways I can assist with the house while making some income
It is nothing wrong to see if your able to wholesale a property whether its your friend or not depending on their need. People do not mind to take less sometimes to sell as is but in this case its best to refer, but refer to a realtor that you want to connect with on a larger scale. I would refer to someone who you hear good things about and you can build a relationship now that realtor is someone who can run comps for you or refer a wholesale deal to you if they think they cannot list it and its better for one of your buyers. But if not its just the best thing at this time to send over to realtor.