Re: Help Possibly my 1st Wholesale Deal - Posted by Joel
Posted by Joel on April 17, 2006 at 11:51:38:
Good find. First, make sure it’s under contract if you haven’t already done so.
As for someone giving you 10K for an assignment, it just depends on if the Rehabber has enough cash. From what I see, it looks like a good deal.
If you sell it to the rehabber for $50,000 + $10,000 in repairs, let’s add $3,000 for contingencies and holding costs… he’s into the property for $63,000.
That’s a profit of $33k - $42K.
I don’t think a strong cash buyer would have a problem with that. That’s who I would focus on, considering this is your first wholesale deal.
BTW, how did you find this deal (MLS, FSBO, classified ad, flyers, birddog, bandit sign, etc.)?