Whole Sale Question

[Jeff Brotherton]

I found a FSBO property being sold for $155k in the best neighborhood in our area. Comps show an ARV of $265k on the low end and repairs seem to be mostly cosmetic. I'm a newbie and have a few people I've met at local networks and spent time with, but none that I know well enough to partner with me. I'm considering just going the wholesale route with it. Can anyone tell me, do I have to secure financing in order to wholesale the property, or do I just need a signed contract? I can't secure financing for the full $155k. I could do 75k in cash and 35k in financing, so without a partner, I'm wondering if I can pull off a wholesale on what appears to be a great opportunity. Any advice is greatly appreciated! Thanks

[Bud Leiser]

If you don't have a contract you don't have a deal, you just have a lead. You can buy leads for $500 bucks from bird dogs or bird dog sites. 

If your not going to go get a contract right away, start calling investors in your area and get one to help you. 

Or you know just let the deal go and wait for the next one. My point being you can't know/learn all the details of a rehab/finance/partner/split/profit/disco/song until you get it under contract. If it was me I'd call him up, ask when I can come over, bring some cash with you, tell him what you want to do in the best possible light (I have investors, not im going to find investors). Tell him you need an exclusive contract to buy it within 30 days. If he wants good faith money either give it him, negotiate or don't. 

Just my 2 cents. Maybe someone else will come by and post something different. 

Cheers