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Updated almost 11 years ago,
Any advice for wholesaling a friends home?
I would like advice on how to handle this situation. This issue may seem petty to some of you but keep in mind, Im a new wholesale investor. So, my family and friends think that my real estate business is me as a part time realtor. They often come to me for advice on homeownership, and such, because of my "real estate" business and my full time job as a mortgage analyst. Recently, a friend of mine asked my advice on her applying for a loan modification because she is in hard times right now. I gave her advice as a friend and advised that it would be a great idea and her lender should approve it since she only owes $31k. Later that evening, I'm thinking to myself this friend is a MOTIVATED seller!! Her home is a 3bed 2ba, with ARV of $120k, market rent $900, and surrounding neighborhoods ARV at $250k-$400k. There is nothing more than cosmetics needed but a rehabber could do a complete renovation at their own discretion. On top of that she recently moved in with her boyfriend with plans to rent out her place. My issue is how do you wholesale a friends house without them getting the short end of the stick. Not saying that sellers get the short end in wholesale deals but I like to get my buyers a good deal also since that's who I'm doing business with constantly.
Any advice, comments, and critiques are welcomed