Help: need advice!!!

3 Replies

Hello my fellow BP’ers. I am in need of assistance. My uncle wants me to find him a property, even though he has a realtor. He is already pre-approved for an FHA loan maxed at 200k and he has extra cash im sure of maybe 5k-10k. Can I find him a property and wholesale it to him even though he has a realtor? If so how do I go about looking for properties?

It sounds like there is a lot going on with this.  My first thought is if you find him an off market property.  What condition is it in?  Many lenders will not make loans on properties that need a lot of work.  There are exceptions.  But since you're just getting started.  I don't know if I'd advise you to tackle this one.  Normally when we wholesale a house.  It's to a cash buyer, no banks involved.

@Mykhail Bolden I believe the FHA loan would be the deal killer for trying to wholesale it. As others posted, wholesaling works best with cash.

Maybe just go a straight referral fee? He pays you a $1-2k if you find him a good off market deal he ends up purchasing.