Re: Does anyone actually wholesale? - Posted by Barry (FL)
Posted by Barry (FL) on September 20, 2004 at 20:18:26:
I do it. Not all, but some. Depends on what my situation is at the time and the condition of the property.
You will need some money, but not alot. Earnest money is all you really need. $500 is standard for me. You also need a good title company or lawyer that will do either a similtaneous close or you can assign the contract for a fee. I’ve done both.
I just got a contract today that I will be wholesaling. It needs too much work for me to mess with. I’ve decided that I’m just a paint and carpet guy and anything more than that is too much trouble.
Last one I did was a shortsale. I assigned the contract to a rehabber that also works fulltime and doesn’t have alot of time to find deals. The numbers looked like this.
Bought for 62k
Seller got 6K
Assignment: 6k for me
Selling price 128k
He’s had that property for probably six months now and as I said he only does it part time. He’ll net around 30k for his trouble, he’s ecstatic. I netted 6k and I was happy. The lady that we helped out got 6k. everbody’s happy.
I usually like to make 10k on a deal, but this guys a real tight arse!!! ;-0 (I know he’ll read this.)
Yes it can be done. You need money, but not alot and you can do it with $10 if you need to.
Hope This Helps,