To wholesale or to not wholesale? Help BP!

[Randy Coffren]

I currently have a property under contract and need some advice. The property at hand is a friend's that I've agreed to help get rid of. Any profits from the deal will be a JV contract. I have the contract for 70k and I believe that's even a tiny bit high (that's what he needs) for a seasoned investor. The ARV for the property with all the bells and whistles is probably only 215k. The more I think on the deal, the more I think it's appealing to a control and hold landlord because of the high rent in the area. The house is currently a shell but turned into a 2br 2 bath and could easily rent for 1800. Now, the real pickle is I've been considering keeping it but I currently don't have the liquid/income to even support the 70k loan. I'm 99% sure he'd owner finance for 6 months until I can figure it out. I have also considered hard money and flipping to retail myself, but I think with the ARV only at 215k and it needing 100k, the numbers don't really work. I'd like to have him owner finance and slowly build it up, maybe not as nice as retail, and put renters in it. I guess I just need a WWBP do-haha.

[Chet Maxwell]

I agree with Devan.  Seems like wholesaling is the way to go.  Leave the 'fix' headache to someone else, unless you're a GC and could really get in there and do a nice job inexpensively.  Sounds like a project that is not for the 'faint of heart.'  I like the 'as is' approach.