Wholesaling with no repair

6 Replies

I saw a bandit sign saying “for sale by owner”. I checked the property and it was neat since the owner just finished renovating it. I went on to Zillow to know the estimate and I discovered the zestimate is lower than what the owner is asking for the property. How do I wholesale a property that the asking price is higher than the market value?

P.S. >> I am a newbie!

@Adedayo Odugbesan don’t use Zillow for comps. Have a realtor run comps for you if its potentially your first deal and if you don’t have experience in the market. That will help. Wholesale deals don’t always work out. Sometimes owners want too much and you have to walk away. I would find a true wholesale lead if it’s your first deal. Wholesaled should be treated as a relationship with the person and how you can be beneficial to that person by trying to help with the sale.

Good luck!

What does "Neat" mean in regards to the house? If the property is already completely renovated that sorta defeats the purpose of a wholesale deal. Most investors are looking to add value to a property not buy someone already renovated unless its a turnkey property. From the sound of it this is not a deal and not something that should be wholesaled. If you new I sugguest you educate yourself on what an actual wholesale/off-market should look like.

Originally posted by @Adedayo Odugbesan :

I saw a bandit sign saying “for sale by owner”. I checked the property and it was neat since the owner just finished renovating it. I went on to Zillow to know the estimate and I discovered the zestimate is lower than what the owner is asking for the property. How do I wholesale a property that the asking price is higher than the market value?

P.S. >> I am a newbie!

 You don't. You make your money on spread. IE finding a seller willing to sell an asset for less than it's true value. 

@Adedayo Odugbesan ,

I have to jump on the (a) don’t, and (b) don’t rely on Zillow bandwagons.

Also, do your homework. Only a good deal is a good deal. You can’t force a bad deal to be good.

From what I keep hearing, bad wholesalers inflate the ARV (after repair value), underestimate repair costs, and leave no room for the rehabber to make a profit. If you try to force a deal, you'll end up doing at least one of these, at which point you risk building a bad rep, where buyers won't want to work with you.

To get buyers to like you, give them all the facts so they can legitimately decide with the information at hand (though they WILL verify), and make certain it’s a good deal for them (and you, and the seller).