Rental Property Investor 路 Atlanta, GA 路 Member since 2020 路 9 posts 路 0 votes
Good evening,
I just got a property under contract for $130k and has an ARV of $280k. This is my first real estate deal and I'm starting from the bottom with no money. My plan is to wholesale this contract to an investor to build the capital I need to invest long term however, they are wanting $5000 earnest money to be deposited into an escrow account by 5pm EST tomorrow which I don't have (that sucks.. 馃槥)
So my question to every investor here, HOW CAN I WHOLESALE THIS DEAL QUICKLY!?? 馃槱
@Gervon Mesidor have you already agreed to these terms? I would try to renegotiate down to $1,000 stating you do not have $5,000 to put down, your money is wrapped up in other flips, renovations, etc. Depending on the situation and how comfortable you are with the sellers, maybe explain the situation and that you simply do not have the money to do that right now, but if they would accept a lower deposit than you can for sure close by such and such date. Build confidence in your ability to follow through with your actions and they should hopefully work with you if they trust you!
I just got a property under contract for $130k and has an ARV of $280k. This is my first real estate deal and I'm starting from the bottom with no money. My plan is to wholesale this contract to an investor to build the capital I need to invest long term however, they are wanting $5000 earnest money to be deposited into an escrow account by 5pm EST tomorrow which I don't have (that sucks.. 馃槥)
So my question to every investor here, HOW CAN I WHOLESALE THIS DEAL QUICKLY!?? 馃槱
Often a purchase offer states it can鈥檛 be assigned