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Updated over 10 years ago on . Most recent reply

Why am I not getting any response on my wholesale deal in Spring, TX?
I'm new to wholesaling and I'm worried I got into a deal that I may not be able to wholesale. ARV = $285k, repairs are only paint & carpet (3200 sf house), rents are $2100 and I'm asking $236,500. (not a big profit for me) I got into this thinking someone would buy it as a rental not a flip but all the marketing I put out there has not drawn a single bite. I'm worried the seller is now counting on me to buy their property & is planning to move out and I won't find a buyer. Closing is on Sept. 1st which is more than a month away but I'm worried I've not gotten any interest. Do I have a bad deal on my hands? Any advice??
Most Popular Reply
You aren't getting any replys because the numbers aren't even close to making sense for a buy and hold investor. According to the 50% rule investors should expect $1050 in monthly expenses including repairs, property management, and expected vacancy. That leaves $1050 to cover PITI. PITI on this house is $1764/mth (assuming 30 yr fixed 4.022% APR 2.9% property tax $828 anual insurance) meaning investors would expect negative cash flow of $714 per month. This is nowhere close to an attractive proposition from an investors standpoint. What made you select this property in the first place to attempt to wholesale?