Is this a possible deal?

[Joseph Hernandez]

Hey everyone. Newbie wholesaler. I have my first assignment. I'm not sure if it's good enough deal. Please let me know if you think it will sell. The exit strategy will be buy and hold. Below are the facts:

-address: 105 Meadow Ln, Deatsville, AL 36022

city population: 1,800; county population: 91,450. Two military bases nearby.

Value: $300,000

pre-foreclosure

Purch price: $250,000. (Loan balance: $190,000 + $50,000 arrears + $10,000 assignment fee = $250,000.)

Sub to deal. existing rate: 4.75%

Mortgage payment is $1,450 and rental comps are going for about $2,450.

• Single family
• 4 bed/3.5 bath
• excellent condition, built 2013
• sq ft: 2,420

Cash buyer only. Sale date is Feb 6

Bottom line: 50k investment for $1,000 month rental income. Pls let me know if you were in this market for a buy and hold, would it be a good enough deal?

[Andrew Postell]

@Joseph Hernandez do you have this under contract yet?  If not, never EVER put the address out there.  Someone could snipe your deal.

Now, is this a "deal"?  I mean, you are wholesaling it, right?  Your job is to sell the property.  So, if it's under contract - just market it like normal. Sell that thing!  I might encourage you to increase the assignment fee so that you have room to negotiate.  It's not your fault if someone buys something that's not a "deal".  A "deal" might have a different definition to me than you, than the hedge fund, than the person who has been praying for a home in that neighborhood, etc.  You never know why someone might buy a property.  Get it under contract, market it...and go get another one under contract.  Always be selling.

Hope all of that makes sense.