Wholesaling the deal in NY

[Nelya Mushiyeva]

Good morning,

I have found this small house in Long Island that is being sold as a Short Sale in decent location with great schools, I was trying to go the conventional rout and get a mortgage on it but because I had purchased my primary residence last year and rented my Co-op and I didn’t have 2 year history I was unable to qualify for yet another mortgage. My husband and I was a little bumped out but I had adopted the theory from BP, I prefer having 50% of something then 100% of nothing. I went and found a real estate investor, paired the property and him, I did the negotiation and all of the leg work on his behalf and in return he is willing to pay me 5% commission. In my eyes that is a great success, even though I did not get this place for me.

If I could have gotten this place for me to flip I would have made over 50K.

offer price was- 200K

Rehab would have been - 20K

After repair value would have been- 338K