To Deal or Not to Deal, Pierce County WA potential multifamily?

[Account Closed]

Hello BP! 

I have been soaking up all I can on BP for the past year. As this is my first, please bear with me and take it easy!

I have been focused on on wholesaling in Colorado Springs,CO, not much success YET but I am committed. As I am originally from Tacoma, WA there is a large family presence there. While recently talking with a family member, I was made aware of a potential deal. I'll be brief as possible with the details.

Scenario: I have the opportunity to market a sfr that is also zoned for multifamily. Behind my relatives home is a new multifamily development of townhomes. I can get a contract for purchase and sale for roughly 210k. While this is a retail price essentially I would be marketing to the same multifamily developers to purchase the property for additional parking space or additional units. The previous homes that where purchased and demolished for the new build each went for 268k. As it stands now the value of the multifamily town homes are roughly 1.3-1.5 million. 

Does anyone have experience or advice of how i should proceed? Thanks!

[Steve Vaughan]

Ok gotcha.  Closing costs here with the excise taxes in WA + escrow and title insurance are going to be about $5k.  A realtor would eat any equity.  They need money to buy their next place, so no sub2.  I guess it would be a pure speculation play.  As  the shark tank people say - "I'm out."  That's just me, though.  Good luck either way @Account Closed.