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Updated over 9 years ago,
First Wholesale Deal
Hi BP,
I'm new to forum and to RE. I'm still in the learning process and been lurking the site for a few months now. I've been looking for the perfect property in Kansas City for my first flip for the last couple weeks (of course this makes me nervous) I have a good connection on all/any repairs that need to be done.
Anyways, I've ran into a deal that was thrown at me from one of my REI buddies i grew up with. He purchased 80 low end properties about 2 years ago and is renting them all out in a C-D class neighborhood in Kansas City MO (Ghetto). Without getting into any number details he's offered to sell me 3 properties at 6k each. If I know an investor that wants to purchase these properties at 15k each as-is how would i work an assignment into the deal. I really don't want to purchase these properties privately (do not have an LLC yet). Im pretty sure this is considered wholesaling. The motivated seller is a good friend of mine so i trust him. The deal just sounds too good to be true. Also, for my first deal in RE i feel as if it is a little complicated.
Any feedback is greatly appreciated!