Help with a wholesale deal

[Dave Becker]

Good Day Everyone,

I am looking for some advice on a wholesale deal. I have been learning all I can over the past couple months on here and elsewhere. I have gone to the local REIA meetings and met investors and decided to find a deal. I found one, got it under contract, and now I can't seem to find a buyer for the deal. Please let me know any info that would help. I understand you have far better knowledge than I and maybe this just isn't such a good deal. Or I am going about finding investors the wrong way.

Here is the home I have under contract:

2bed / 2 bath / 1 gar 1690 sq ft
List was $70,000
Contract is for $59,000
ARV $110,000 - I am a realtor and have pulled comps for the last 6 months in the area. This house could easily be sold for more than this, but I am putting it low for quick sale. The average sale price in the area is $120,000.

Rehab cost $25,000 - I personally have not rehabbed a property so I went to an investor who is mentoring me on wholesaling. He estimated the repair costs to be this price. He currently is setting up a new company and is not investing at this time.

I have sent out e-mails to all the investors I have met through the REIA meetings stating that I have an investment property opportunity under contract. I have also posted on CL but with no picture of the property or address ( maybe that is one mistake). I have only heard from one investor so far and he said that he could probably only make a $5,000 profit after holding costs and his costs for his line of credit, so it wasn't worth it for him.

Any help would be appreciated. I would really like to make my first attempt at wholesaling work, but it isn't looking too promising. I am in Omaha, NE for anyone in the area who may have more knowledge as well.

Thanks,
Dave