Possible wholesale deal, advice greatly appreciated

Possible wholesale deal, advice greatly appreciated

Laredo, TX · Member since 2016 · 3 posts · 1 vote

Hey BP! Newbie here that has a possible first deal in the works! So my god-father has a friend who is looking to sell their home quick and is looking to get around $190k for it. He bought it in a new development and appreciation has been kind to him. Similar homes in the area are going for $210-245k. A friend of mine knows a guy who is looking to buy a home quick and his budget is up to $230k. We want to make a deal happen so that the seller gets what they are asking for, the buyer can stay under budget and get a great deal, and of course we be compensated for bringing it all together! We see it as a great opportunity to not only help our friends get what they need, but get our feet wet in RE.

My question is:

- If the buyer will be financing, is there a way to piece a deal together? I was told wholesaling might be the option but Im seeing that cash buyers may be ideal for that strategy.

We are open to any and all advice, ideas, and strategies. We are fortunate enough to be able to buy ourselves and do it that way but we would like to make it a quick smooth deal for all involved. 

Thanks!

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  • Tampa, FL · Member since 2013 · 1 post · 0 votes
    9y

    Your buy price is way to high buddy and you will lose money on the deal. You should try to buy at 65%-70% of the ARV. Find a good real estate investor offer calculator and run your numbers to ensure you have good profit margins.

  • New York City, NY · Member since 2016 · 420 posts · 172 votes
    9y
    Yes. Buy the house for $190k or less and sell it to the buyer for at least $215k. He could use his financing to fund it.
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