3 family possible wholesale

[Indra H.]

I met an investor who is selling a three family house in an ok area, i asked him about seller financing and terms/conditions, he seemed to have no clue what i was talking about, so im assuming he doesn't have much experience, he told me he just bought the house. At the end of the conversation he is not willing to do owner financing. He offered to finance 20% if i come up with the other 80%. He lives outside of the area and wants to sell asap.
I am interested in the property which is being sold for 80k, but I don't have that 80% he's asking for. I have heard that banks are not doing those kind of deals anymore, even though I have good credit and steady income from my full time job. I was wondering if it would be a good idea to try to find an investor to wholesale the property to and make few bucks. I have no clue how to go about it though. Any thoughts?! Thanks

[Jon Holdman]

If you have good credit, good income, and 20-25% down, you should be able to get a bank loan for this property. Now, you probably cannot get a 80% loan from a bank plus 20% from the seller and buy it with none of your own money. The bank won't allow that.

First question for a possible wholesale deal would be what's it really worth? Second question is how much rehab is needed?