Hello all! I'm new here to BiggerPockets and new to the real estate investing game. I currently had a deal I wanted to put under contract that is a rental property...if I had wanted to wholesale the deal, what's the best way to go about it? What numbers should I be looking at?
Well, we need more information about it to give you an answer. Is the owner the one you're dealing with or the renter? I know it's a stupid question but you'd be surprised.
If the owner is selling then do they have equity or do they owe almost what it's ARV is? What is the ARV? Is it a house, a condo, a duplex, a triplex, etc?
Without information (which the questions I asked are but a few that need answers) I can say this - you can wholesale any type of property if you have buyers that want it.
If this is a house you can wholesale it to other landlords or rehabbers, depending on how much room there is between your purchase price and the potential ARV. Even land can be wholesaled but you just need to know there's a market for it.
Get all the information you can about the home (type, bedrooms, baths, sq.footage, age, condition (in and out) lot size, vacant or no, how much is owed, how much they are asking for, where it is, the neighborhood condition, the market for real estate in your area....). The best thing to do is to look at the different calculators in this website (rental, rehab, wholesale) and note all the information that it asks for and then try to get as much of that information as you can. Post it on here and we'd be happy to help.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.