Updated almost 8 years ago on . Most recent reply
Wholetailing a townhouse
I came across a motivated seller selling a 2 bd townhouse. I got him down to 100k easily over the phone. There is no repairs needed. Excellent condition. Granite counter tops etc. Well I will know for sure when I see the place today. Not sure if its a good investment property or not from a rental prospective. I was thinking about just listing it on the mls. I think I could get at least 120k on the mls conservatively. I'm fairly confident I could get 135k in my market in this area on the high end. $250/mo in HOAs. $1200 conservatively for rent. My question is, if I want to list it on the mls, I'm not a realtor, whats the best way to approach this? Should I use a hard money lender? I sent him a postcard. I'm a wholesaler and said I would pay all cash. I could possibly negotiate that. I was thinking I would purchase cash from a hard money lender and list on the mls. 120k is slim margins but a potential for 10k in profit assuming it sold quickly with realtor commissions. 135k would be more than worth it. He wants to move to Colorado on April 24th, so not a lot of time. Does anyone have any suggestions on ways to approach?