Wholesaler · Detroit, MI · Member since 2016 · 70 posts · 28 votes
I just got a call back from a potential prospect . It’s home fully renovated would probably go for 130-140k he wants around 75k. No major repairs, own free & clear. It’s a nice neighborhood I drove by myself. I set an appt to go by and check it out get some pictures on Wednesday. I also told him to hold off on putting it on the market which he agreed, he’s totally okay with the wholesale process. I just need to know what should I do & bring on Wednesday to get this deal closed. —- I have not did comps yet but I know this house has potential.
You want to get it under contract first if you haven’t already. Definitely run the comps. Run the numbers and remember you want the best deal for your buyer as possible. Do you have a buyers list? You definitely need to start marketing it. You can probably find buyers at a local meet up or even auction. I recommend a book titled, If You Can’t Wholesale after this, I’ve got nothing. By Todd Fleming. It’s an easy read and spells out the process. Good luck.
You want to get it under contract first if you haven’t already. Definitely run the comps. Run the numbers and remember you want the best deal for your buyer as possible. Do you have a buyers list? You definitely need to start marketing it. You can probably find buyers at a local meet up or even auction. I recommend a book titled, If You Can’t Wholesale after this, I’ve got nothing. By Todd Fleming. It’s an easy read and spells out the process. Good luck.
@Shanae Williams Agree with the action plan, at least get the property under contract. Definitely double check comps. If it's worth $130k and renovated, why does he only want $75k? There certainly can be reasons - divorce, job loss, etc.
Good luck and let us know how the meeting goes tomorrow!
@Tom S.
His tenants are not out just yet & rescheduled until this weekend! Those are great questions I should ask for sure. Thank you guys I’ll keep you posted.
Also, when I view the property should I bring the contract with me?