Wholesaling an Apartment Building

[Andrew Christie]

So... I've got this apartment building under contract. I've advertised it to the two local REIA groups we have here and I have it posted on Craigslist. I've called several people in my network to let them know. I've had some interest, but people aren't currently breaking down the door to get it. I'm realizing that this might not be as quick and easy as I initially thought.

I've told the seller it's a cash deal. I didn't volunteer the fact that I plan to assign the deal, so she thinks I'm buying it. I put March 15th as the closing date... so it might be rough to find a cash buyer who can close by then.

So my question is, what are some strategies to sting this out. She has already told me that she would like to close by the end of the month because she's going out of the country. What can I say to her so that she won't be upset. I guess I have to give her some excuses.

I was thinking about telling her that my "partner" is out of state. He hasn't seen it yet and he has to approve it. But then that will only last for so long. I don't want to lie, but then I don't want her to get upset either. I'm wondering if it would be best to be completely upfront and tell her that I'm looking for an investor to assign the deal to and explain that I have a lot of networking connections.

I'm sure others have been in this situation. What have you done?

[Wayne Brooks]

Andrew, if you're going to pursue wholesaling in this manner.....coming on a forum and plainly asking people what kind of lies and excuses you can give to "string along a seller" you have under a contract whom you made think you are buying their property for cash.....go ahead and give up your license now. This way you won't end up with fines and possible jail time when you do lose it.