How to Wholesale a home worth more than 200K
Hey family!
I went to see a motivated seller yesterday. The home is for sale for $219,000. It's a Duplex, and I can tell you right off the bat, it's in great condition, just needs cosmetics such as upgrading of the kitchen, and two rooms need carpet removal and new floors. Maybe a bathroom upgrade, if we're being picky.
He had a buyer who backed out the day before closing, they were distraught (motivation). This was six months ago, his wife has yet to unpack their boxes because she is not motivated to unpack, and then pack again (more motivation). He needs to go to India to work overseas (another motivation), and the reason for selling is his kids moved out and he wants to downgrade to a smaller home.
My question is, with the very minor updating that it needs, he said the absolute lowest he would take the cash offer would be $209,000. I know I can talk him into the high $180,000-200,000, easily. My question is how can I wholesale a home that isn't distressed? Who would my buyer be, someone who only invests $5-10,000 in upgrading?
The ARV is $221,600. Very nice neighborhood, like I said he's motivated but I don't know how to go about this situation.