700K wholesale deal?

[Jerryll Noorden]

Hi everyone.

What do you all think about expensive houses wholesale deals?

Let's say you get a 1M house under contract for about 700K

Are there cash buyers out there that pay 700K in cash? Is this realistic? 

Thank you as always.

[Dell Schlabach]

It's a dangerous place to play without a LOT of experience in that market, sometimes there is not much difference between 1,000,000 house and 700,000 house.

We have a lot of experience in the 150,000-400,000 range ...over 100 rehabs, but 500-million is a different animal in our area. 

Helped an affiliate buy one recently, looked like 1,000,000 house, sold for more than that 10 years ago. House next door was listed at 1.1.5m, a few similar had sold in development for 750k-1.25m

Realtor assured us it wouldn't sell for less then 750,000, worst case. Bought it for 450,000 , rehabbed and sold it nine month later for 675,000 lost over 70k.

It is not impossible but not probable without a lot of experience in the game at that level.