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Updated over 10 years ago,
How do I wholesale to traditional home buyers?
Until now, I've only ever wholesaled to investors. But for a while now I've wanted to start seeing if I could convert some of my "bad" leads into creative financing deals and wholesale them to landlords or traditional 'home' buyers. I started pitching lease options, seller financing, and subject 2's to my leads this month, and I just got a place under contract but I am stuck on how to wholesale it:
Details about the property: contract for 90k, 13k down, and 77k financed over 10 years at 6%. Monthly payments are a bit high, it needs repairs, plus down will be high considering I "have to" tack on a wholesale fee, but has roughly 20%-25% equity. It's not quite a deal for a rehabber. But I put it under contract with the intention of seeing if I could sell it to a traditional home buyer who can't get a traditional loan at this time.
Does this seem doable? If so, what are some ideas you might have on finding a seller?
((Worst case scenario (short of just telling the seller I couldn't find anyone), I could just take a wholesale fee in payments, if the down is too high for a buyer.
Another option is potentially seeing if a landlord type would be interested.)))
Thanks for your time BP!