Wholesaling a house without needing to use cash
Hi everyone,
My background is multi-family but I recently got a decent wholesale deal fed to me.
I can get it for 290k and comps at $330k
Average time for like houses on market is 40 days
Is there a type of wholesale deal structuring that will allow me to sell the property on the market without paying for it?
(I have the cash, but since I’m unfamiliar with the area, I don’t want to take the upfront risk)
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#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
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#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
wait what?!
am I the only one not crazy here?
How is that a deal?! That is NOT a deal.
Let's say there is ZERO repairs to be made.. not likely.. but ok..
Then.... wait.. do you mean to say cops = 330.. as in ARV is 330?
So if a buyer buys it.. let's say your wholesale fee is 10K
so the end buyer gets it for 300K.
Then if the end buyer is a flipper... their selling cost alone is 10% of selling price.. thus 33K.
So they will already be in the negative. No deal.
This is without any holding cost, taxes, insurance etc. etc.
You say 40 days on market.. so I will assume this is a flipper deal.
If buy and hold deal... still a lousy deal.
Sorry bud.. but I would never buy it at that price.
See.. I usually get my deals at 70% DISCOUNT.
Your deal is FAR from a deal mate...