New To Wholesaling. Advice!
I came into wholesaling confident. I managed to find my first property through a buying agent a week ago. My only issue is that the property was listed for $218k, factoring in that the property is 66 years old (built-in 1955), and is very outdated. After looking at comps and the actual property, knowing that it'll need at least $30k-$60K in repairs, the buying agent and I settled on $170, 000 as an offer, and are still in the process of seeing if the seller will negotiate with that amount. With the number of repairs needed, with comps, I think the seller is asking for too much. Plus the house is in probate. I don't think I'll be able to pull in any cash buyers and be able to make a profit at this rate. Advice, please!