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Updated over 9 years ago, 07/21/2015
Exit Strategy for a (possibly bad) Wholesale deal
Hello everyone I'm somewhat of a beginner wholesaler and I currently have 2 Unit Multifamily under Contract. What I thought was a good deal after walking through it for rehab cost and pulling comps then going by the 70% rule and calculating my numbers, I'm at a dead end. I put the property under contract with the seller for a set price then went back after realizing an investor wouldn't pay what I was selling it for and was surprisingly able to talk the seller into bringing the price down 5k AFTER the fact we already had the property inked for a set price.
My closing date is coming up fast I'm thinking I may not be able to sell the house. I have roughly 2 weeks to make something happen. I really don't think the seller will be willing to renegotiate the price and I've cut my whole sale fee down to the point where I will barely make any money. Anybody have suggestions?