Newbie need help with Wholesale deal..

7 Replies

I'm about to put under contact a commercial property in NC and wanted to know how to market it to wholesalers for quick closing. Commercial is an vacant church in heart of town that is vacant and need repairs after last business moved out. minor water damage to floors due to leaky roof. Currently new roof with yearly inspection. 11400 SF two story building (1955) with apartment on second floor and what was a church on the first level. Few comps, tax is 392k but ARV is endless depending what you want to do with the property (Apt, restaurant, church/daycare center,.....). sorry so long but this is my deal and my head is hurting..lol

@Rodney Downey ,

In a best case scenario, you should already have leads to the right kinds of buyers for this property in your area. If you don't, then start networking. Attend local REI events and start asking around. Once it's under contract, you can post it in the marketplace here.

@Rodney Downey

I am going to go with my gut feeling here and state that this is a fake post, given the obvious flaws in the statements you made. Just in case it's not...

1. ARV Endless? That would be a first in Real Estate history. All properties have a ceiling.

2. Minor damage due to roof leak? Unless this leak just started a week ago, there will be substantially more damage than minor from a roof leak. 

3. Depending on what you want to do with it?  Rezoning is not as easy as that. That requires city and neighborhood approvals, and even if granted, would be a very expensive project to convert from a church to a restaurant, for example. 

4. Market to wholesalers?  Why would you market to a wholesaler, and not a buyer?

If you posted just to get some reactions, congratulations you achieved your goal.

If this is a real opportunity, then you need to work on your delivery. This type of posting screams that you have a ways to go to learn this business. 

dont give up just! It may get hard to find a buyer but you will just keep trying. I cant tell you those places because its againt the rules on this page but keep trying and post you homes on this page buyers will see pics of your homes. Dont just write addresses take pics of the property

Thanks for all the comment and yes this is a real commercial property. Again new to investing and just wanted to know how to market the contract not property (thanks)….Yes the last tenants converted the property into make shift church but foreclosed shortly after that. I'll try FB and other site for comments.

Originally posted by @John K. :

@Rodney Downey

I am going to go with my gut feeling here and state that this is a fake post, given the obvious flaws in the statements you made. Just in case it's not...

1. ARV Endless? That would be a first in Real Estate history. All properties have a ceiling.

2. Minor damage due to roof leak? Unless this leak just started a week ago, there will be substantially more damage than minor from a roof leak. 

3. Depending on what you want to do with it?  Rezoning is not as easy as that. That requires city and neighborhood approvals, and even if granted, would be a very expensive project to convert from a church to a restaurant, for example. 

4. Market to wholesalers?  Why would you market to a wholesaler, and not a buyer?

If you posted just to get some reactions, congratulations you achieved your goal.

If this is a real opportunity, then you need to work on your delivery. This type of posting screams that you have a ways to go to learn this business. 

You make excellent points, but I don't think it's a fake post as much as it is inexperience. Endless ARV? I totally agree with you, but I don't think that was meant literally. However, you make some excellent points.

 

Originally posted by @John Thedford:

If you cannot find a buyer will you scam out of the deal and screw the seller?

 By your lack of response I believe we know the answer to the question.