Can I still do this deal? Newbie Wholesaler
Hey guys, So I found a great deal on Craigslist. A fire damaged home selling for $12K. The comps around the home are $50-65K. Im thinking I can wholesale the house for $25K figuring in ARV. Not a bad deal right? I'm hoping the seller will just talk to me on the phone, let me know any more info I need, and then let me email him a contract to sign. Well I call him this morning and he's asks if I've worked on rehab homes before and am I a cash buyer? I tell him I've worked on a rehab team and I am a cash buyer. He then let's me know that when ever I am ready to look at the house he will show me property and have HIS contract ready for me to sign. What in the world? As a newbie wholesaler I'm at a lose for words. I just tell him okay and I'll be in touch. Guys, am I able to proceed with this wholesale deal if I don't bring a contract? Can I assign HIS contract between us to a investor I know? I'm just the wholesaler not the end buyer. Should I have been up front with him that I'm a wholesaler? Lately when I try to explain this to sellers they don't want to deal with me. What am I to do? I have to money to send out mailers, bandit signs, etc. Free sites like Craigslist are my only options right now.