Updated over 9 years ago on . Most recent reply
New Wholesaler in need of some help!
Hi my name is Harriett,
My fiance and I just started our real estate busines, I introduced him to the idea after I attended a small class a few years ago and did some self educating through youtube etc.. both of us are very green and are need of closing a deal! We recently moved to Atlanta, GA and decided that we should find a real estate agent to partner with since we know little about the atlanta market. We found a agent on craigslist who is "investor" friendly he sends us a few properties but I also believe he is wholesaling them to us as well because the price is always marked up 5000-1000. he sent us a recent deal which is a 2/1 going for 209k after his 10k "fee" with a 105k repair estimate to turn it into a 4/2 and a ARV of 440K with a possible profit of 100k+ this is not with our fee factored in. The brokerage is asking for a 5k non refundable earnest money deposit and proof of funds with no inspection time for the deposit. Of course we dont have that type of money and would have to have the end buyer put down the deposit but we are not sure if (1. we will find a buyer willing to pay such a high deposit with out inspection period. and (2. if we should even be doing business with this guy in the first place due to the stipulations PLEASE HELP!