Possible wholesale deal. HELP!!

5 Replies

Hello everyone

This would potentially be my first deal so im a bit nervous as to how to proceed or where to move forward.  I've found a property, 1900 sq ft 5br 2.5 ba. It is in foreclosure and im waiting for a response from the bank's representation.  Its needs a full renovation from top to bottom.  

I'm a little shaky on the comps though.  The house next door is worth about 320k, a couple houses down is a 6br 3ba and says its worth about 700k. As is condition says the house i'm looking at is worth $209k and is selling for $99,000.  

I need you guys' advice.  Is this a gem?  Should i really push and see where this can take me?  I live in NYC so i'd love to partner up with some people and make things happen.

Are you dealing with the seller directly @Tiffany Cunningham or is this listed with a realtor?  

The value key is in the rehab estimate. If it will cost more than $40k to get it to the condition of your 'comps', there probably isn't enough there to wholesale with a $209k ARV.

 How much is owed and how much in arrears?  Will this be a short sale?  Every layer of agents, banks, attorneys, committees, etc make a wholesale opportunity all that much less doable.  At least you are out there finding things!

Hello, you sent a colleague request to me and I will be able to assist you, in making something from the deal. You may contact me at 347-885-4363. I am also in the Bronx please call me as soon as possible to get it rolling. 

Honesty, Truth, Integrity, & Only The Best, Cheers! Wnorowski Enterprises. In God We Trust. 

Bye. Speak soon. 

@Tiffany Cunningham How did you come up with the comps?  Are you simply using zillows value are did you pull several similar properties in a close radius and compare sold prices?

I've done a few properties in the bronx so i'm familiar with the market but the numbers you're throwing around are a bit all over the place.

Feel free to private message me if you have any questions as i would be a cash buyer if the numbers are right