All Forum Posts by: Michael Olokode

Thanks for the responses. I didn't think there was enough of a difference to make a wholesale deal on this property. Any ideas on other options for the seller? He's motivated to sell but does not have to. I would push him towards finding other buyers but I don't think theres enough profit in this property where other investors would purchase it. I would at least like to help him out by finding other options

Hello, 

I have my first lead on a home and I am looking to wholesale it. I've been reading a lot on wholesaling but I am not completely sure how to move forward on this deal. The seller currently owes 90k on the mortgage and the home is worth $110k. The seller says the home is not in the best shape and needs a lot of cosmetic work (I have not seen the property in person yet). I have done some comps and the ARV seems to be around $120k-130K. My question is how do I go about making a deal when the seller has a mortgage? And are the margins for this property too thin to wholesale?