All Forum Posts by: Paul Simpson

@Adrien C. Thanks! That makes a whole lot of sense. I made the offer, he rejected, and I told him to contact me within 30 days if he doesn't sell.  I'm betting that he won't sell. I just don't see it happening unless, as you mentioned, he finds an uneducated investor to buy it.  

@michael siekerka My thoughts exactly.  His reasons are that he is moving out of town, but he has been trying to sell for a while. I can see why he has been trying to sell for as long as he has. He wants too much for the property.  

Do you think I shoud send my MAO (way less than what he is asking)? I'm thinking that he will reject the offer and I will be able to move on.

Motivated Seller

Wants to sell house for $75K

He also wants to finance if possible at 10%, 10 years, with a balloon payment.

He has done repairs, the house would only need cosmetic work and kitchen appliances

Inspection is complete

House is only worth $55K ARV

Market Value is $44K

What the heck do I do with this? Can I wholesale it? It doesn't seem like a big profit margin.

Could I possibly buy it as a long-term investment?

Could I flip it?

I'm a new investor and could use guidance here. 

Thanks Ceasar and Ned. I am thinking about double closing as well to avoid any potential issues.

*as I go along

My question is how many forms are necessary to do a wholesale deal? Is it one contract that I use for the seller and a separate one for the buyer? Or, is it one contract that I use for both by filling in the blanks when I go along? What are these contracts typically called?