If a property owner (whom is an investor) is wholesaling to me, can I turn around and wholsesale it to someone else or is that not good? It doesn't sound right to me.
Yes you can, you just need to split the asignment fee with them.In fact i just started to try to do the same thing since my investor buyers are demanding properties.Also a lot of wholesalers will probably not want to do this for the fact that they want all the profit for themselves. And you'll also have other wholesalers offering you a contract they can't get rid of because of the lack of DUE DILIGIENCE on there target property..GoodLuck... :D
:superman: "Natural Born Go Getter" :superman:
Okay Jorge. Thanks for the insight. I'll probably look into this property then. It's in a really nice area and the numbers look decent. It's a 3/2/0, 2068 sq ft with a sunroom, tax rolls appraise it at $107,900 and the owner wants $68,000. She says it needs work, but they're miscellaneous cosmetic repairs like interior & exterior painting, carpet/vinyl replacement. Things like that. I'm scheduled to see the property this afternoon and I've got a realtor pulling comps for me now.
I just felt weired about it because the owner invested in the home, but has too much on her plate and wants to wholesale it to me, but I'm not in any position to rehab it, so I too was going to wholesale it to someone who has time and money for the rehab. Just didn't sound right when I was thinking about. Maybe that's my problem....I should stop thinking and (like Nike) Just Do It! :kewl:
all I can say is "that's flippin crazy"~ ;-) !!!!
I've flipped quite a few houses from other investors. Actually when I was gettting started I hooked up with another wholesaler that was phenomenol at finding deals, including several package deals, but didn't have the capacity to finance them if she couldn't flip them. She had to get rid of them fast, so I would negotiate the price down as best I could with her and buy them all. I was a guaranteed buyer for her, and she provided me a ton of deals. She would assign the contract to me and I would double close as many as I could to other investors. The rest I would buy and sell them off as time went or eventually rehab them.
The key to buying from another investor is to make sure you follow your numbers. Crunch your numbers on a deal and make your decision based on that, not whether its another investor or a homeowner that you are buying it from.