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Updated over 10 years ago,
Should I wholesale this deal?
This is for future reference, just wanted to ask what you guys would do.
I'm currently working on getting my real estate license so I can get access to the MLS. Let's say I come across a deal where a person has a home that's worth $300,000. This home has all the works: the neighborhood is fantastic, no issues (not even cosmetic), a huge home, everything a family could want. Motivated seller has a hardship and is willing to give you the home for $150,000.
This is what I'm asking:
Coming across such a deal, should I flip to an investor as a quick wholesale? Maybe make $50,000 on an assignment fee?
OR
Should I put this property on the MLS and see if I can get closer to market value?
The reason I ask is because my mentor told me he made $60,000 wholesaling on a deal just like this. But I was thinking to myself, "Why not just put it on the MLS at market value?"
The only reason I'm thinking it would be better to wholesale is because you only have around 30 days on a contract to sell a house and selling one for $300,000 to a cash buyer just seems a little out there. Sorry for making the post so long, but what would you do in this situation?