My First Wholesale Deal....Need HELP!

[John Wilson]

Hi BP

I'm a long term investor....A Friend of my parents want to sale their house to me. They moved to a newer house a year ago & this one is currently rent out. Now they want to sale. 

  House estimate $70,000

  Repair need $8,000

  Currently rent $700/month

  Seller Agreed To Sale  To Me At  $52,000

My plan is to wholesale for quick profit or if not keep it for rental.  I'm going to get it under contract in next couple days & then find end buyer.  I'm going to targeting residential buyers & Investors. 

MY QUESTIONS ARE:  1) Are the numbers look good?  2) Can I use "West Michigan Regional Purchase Agreement" to get it under contract? Or 3) what form do I need to use in Michigan?  4) What are all the fees I need to pay if I wholesale?  5) If I pay cash & keep it for rental what are the fees I have to paid? 6) If I sell what price should I advertise to sell?  REMEMBER  seller don't want to pay any fees.  Thanks

[Justin Tahilramani]

@John Wilson - Do the sellers know that you are trying to wholesale their property? The margins look pretty thin to me. 

Why are they agreeing to sell the house for 18k under value?