You could also send a formal notice demanding payment and compliance with the contract terms to give them a last chance to cure before initiating foreclosure, which sometimes prompts action without going to court.

However, I’m starting with wholesaling to build initial capital and strengthen my deal analysis skills before purchasing my first property.

You must initiate the contact from your end.Here is more tips: https://www.biggerpockets.com/forums/51/topics/1222774-expla...

Around the Hartford area, the trade-off you’re describing shows up pretty clearly: lower-priced towns often pencil better on day one but can come with more operational friction, while higher-income towns tend to feel more durable long term but are harder to make work initially.

In this market, I think with a decent length hold your comment is likely accurate but the initial years will likely be challenging.  

Property overview (high level): Stand-alone commercial buildingLarger and more functional interior layout than the prior locationFully built-out commercial kitchen (hood, suppression, bar, etc.)Adjacent outdoor patio space already set up for dining (big upside)Comes with all FF&E includedNo residential component — pure commercial use  Deal structure (seller carry): Purchase price written at $1.2M~$1.0M attributed to real estate~$200k attributed to FF&E (included in the sale) Seller financing on $900kBuyer cash in at closing: ~$275kInterest-only period initially (no balloon language currently in the contract)Target hold: 5 years, then refinance into a 25-year commercial loan  Business context: The restaurant historically did ~$950k/year in revenueWe are owner-operatorsConservative projections show the business can remain profitable even with slower $1k days mixed inGoal is consistency, margin cleanup, and NOI growth — not aggressive expansion  What I’m hoping to get feedback on: Does this structure make sense from a commercial real estate perspective?

In the Poconos, I see these places pulling $180K-$240k gross or more in some cases, with pools slightly above $1MWhat’s interesting is that investors who initially came in saying “I only want something already operating” are now seriously considering builds once they see the long-term performance difference

Does their day-to-day execution live up to that initial transparency?

Some reasons attorneys advise a seller against a wholesale deal:- the end-buyer isn't identified on the initial contract- the property is being sold at a steep discount- the attorney believes that the house could sell for more on the open marketCommon mistakes new wholesalers make when underwritingOverestimate ARV, underestimate rehab costs, underestimate holding costsHow to best position myself now to smoothly transition into BRRRRConsider speaking with friends, family, and others in your sphere of influence about your Real Estate goals.

If you go hard money, you’re talking points and a much higher interest rate for the initial loan.