Updated over 18 years ago on . Most recent reply
NEED ADVICE ASAP!!!!
OK, 2 gutted and vacant props. On the 1st one, seller is asking $220k(mort balance owed) but the ARV is $415k w/ repairs running roughly $35k
On the 2nd one, seller is asking $139k(mort balance owed) w/ an ARV of $254k w/ repairs running roughly $42k. I just got these deals so they're not under contract yet and the owner is in Atlanta. Now, here's the fun part: HE ASKED IF I WAS GONNA WHOLESALE THEM, I SAID YES AND NOW HE'S EXPECTING AN EARNEST MONEY DEPOSIT. IN ADDITION HE SAID HE NORMALLY DOESN'T LIKE TO DEAL W/ WHOLESALERS. I'm really starting to get a bad taste in my mouth w/ this wholesaling crap(I can't win) but he's motivated so... anywhoo, what should i do, I have no earnest money to put down and besides, he's in Atlanta and the contracts will have to be done by fax. How would i get the earnest money to him in the first place. I see the potenetial in these deals but I'm not sure how to go about it. Your help is GREATLY appreciated