Need advice on selling first wholesale deal. HELP

Need advice on selling first wholesale deal. HELP

Real Estate Investor · high point, NC · Member since 2010 · 59 posts · 11 votes

I've just placed my first property under contract yesterday. I sent out an email to my buyers list yesterday as well with pics and info on the deal. My inspection period is 15 days but I'd like to have the deal assigned long before then if possible. The details are below. Any advice would be appreciated.

I have Property under contract for $83,000
Tax value of property is $153,000
Estimated Repairs needed $25,000
After repair estimated value $180,000
My asking price is $88,000

The property is a 2700 sq. ft. lake front home sitting on half an acre of land with great lake views. My buyers list consists of 64 local investors but I plan on placing the property on craigslist if I dont get any bites by monday. After another 5 days or so Ill let other wholesalers know about the deal and just split my profit with them.

Can any experienced wholesaler give me some advice on this deal. How long should I wait to get an offer from my list before placing it on craigslist or should I go ahead and place it there now? Is partnering with a local wholesaler a realistic last minute option?

I'm just a bit anxious as its my first time going thru the process. Any advice would be greatly appreciated.

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Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
15y

I agree with Manny, I hate email blasts. To impersonal. I would rather here from someone directly, at least that way you will know why they are or aren't very interested. You will learn a lot more and start to build relationships. That said, once you are established in the business and people know your deals are for real then an email blast might get you multiple interested parties and a highest and best situation.

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  • Real Estate Investor · high point, NC · Member since 2010 · 59 posts · 11 votes
    14y

    quick update. I have 2 showings this week. Also the wholesaler that I asked for assistance basically disappeared. He asked for the details and said he might have a buyer and I cant get back in touch with him. The Craigslist ad worked great, I've added several new investors to my buyers list and the person viewing the deal on tuesday came from craigslist. We had a rocky start as he basically called me a scam artist, he said I just wanted to get him to sign up for my list and that I had no real property for sale. In response I simply emailed him the pics and details and the situation remedied itself. Hopefully Ill get an offer this week. I have 9 days left on my inspection period.

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  • Involved In Real Estate · Yardley, PA · Member since 2012 · 33 posts · 3 votes
    14y

    Hey Larry,
    I'm relatively new to the site and came upon your post. Hope this deal worked out for you. And if not, hope you went out and found 10 more that did. Drew

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  • Contractor · Glenside, PA · Member since 2012 · 30 posts · 3 votes
    14y

    Hey Larry, any update?

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