HELP - time sensitive Wholesale Question???
Hi BP community! I am a 10 year veteran of BRRR and just started looking for flip deals w a new partner who has experience Flipping 10+ properties. I am responsible for finding properties and project managing, while my partner has capital to purchase in cash. Here's the situation I am in:
I found a great property in a highly desirable town 20 min from NYC in NJ with blue ribbon schools etc. Estate owner is motivated to sell (father recently passed) and lives out of state. I have been in touch with him and he let me and my contractors in to the house to get rock solid numbers down for the reno. It bears mentioning that my contractors have been working in this town for 25 years and know the types of quality finishes the area demands. The deal will have $150K+ at payout using conservative ARV of $850K. This town sells within 30 days at or above ask if priced to sell, renovated, and move-in ready. The estate holder is expecting a cash offer but i can't deliver unfortunately because my partner isn't liquid for quite that amount. Without getting into ways to finance the deal (though I would love to), how do I execute a WHolesale offer to the estate owner AND find a flipper to buy the contract from me? Clearly this is unchartered territory for me. I'm not looking for the conceptual piece here. I'm looking for a real, very specific response that will lead me to getting a contract signed w the estate owner by Monday, Sept 27! I can prob delay a day or two if needed. I have three days to produce a contract at the price that he agreed to.
Any help is majorly appreciated. Investors in NJ or elsewhere willing to partner on the deal welcomed as well. This deal is rock solid and has been vetted in every way possible. Just need the cash or a way to assign it to another investor/flipper in my area.
Who better to turn to than the BP community!!!
Thanks,
Frank Esposito