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Updated almost 7 years ago on . Most recent reply
New Out Of State Investor
Hello all. Myself and a partner are planning to purchase a turnkey property out of state and have it run by a property manager. We've been looking in the Detroit area and have found numerous potential properties. However we are also working with a broker that is giving us listings in the price range that we are asking for, but the prices of his properties seem to be about 5-8k more than comps and estimates in the area. Also when I look these up on Zillow they are not on the market for sale but again the estimates are always lower. I'm guessing that he is wholesaling these properties to us? I'm not sure though. I don't mind paying for a service and the convenience of being able to finish this remotely. I just wanna make sure that's what it is though. Any thoughts? Thank you
Most Popular Reply
If broker is wholesaling to you, then purchase price should be less than MLS. The wholesaler gets a piece, the broker is getting a piece, and even paying both should be less than MLS. Otherwise, why go through wholesaler.
I was born and raised in Stockton.
Terry