How to Become a Premier Wholesaler

[Fred Delariva]

I heard plenty of the experienced guys say that there a lot of bad wholesalers. In other words, they are peddling homes that don't make sense. As a re-newbie** it's kind of hard to tell what a good deal is. Let me share where I'm stuck.

I found a seller who desperately wants to sell his 7 unit multi-family so that he can purchase a home. He owes 595k on the building and wants to sell for 949k. The NOI is 81,300 with 35,450 in expenses.

In a multi-family building, I know the income is what investors use to determine a price. So what is that income worth to an investor? I'm not sure if there's even a deal there. Can someone provide insight?

** A re-newbie is someone who invested heavily from 1998 to 2005, where all his mistakes were covered up due to rapidly escalating market. Hence he never learned what he did wrong.