I'm so confused

[Tony Velez]

I'm so confused about this wholesaling thing. Is there a step guide to how this works? How about where to find the contracts I need as a wholesaler? Also how to we know if the owner doesn't have liens, tax bills, over mortgaged? 

The reason I'm asking is because I may have a deal in front of me but don't know how to go about it. This guy Ed has lots of commercial properties. A few years ago he loaned a friend of his Singh money for a small duplex. Singh could not manage the duplex. One tenant he's trying to evict. The house is not in great shape. So Singh quick deed the house back to Ed. Now Ed is sitting on this house and he just wants out. He claims he has bigger deals to deal with than this small stuff. He has it listed on Craigslist for 79k. It should be more like 55k in the condition. He says he can sell it for 45k. My realtor looked at the mortgage history and found the last mortgage on it was from (other institutional lenders) for 384k! Back in 2014. 

Now here is the question. I know for a fact this Ed is a motivated seller. He continues to say he wants this off his books. His bad debts off his books. How the heck can I wholesale this deal? I can probably get this house for dirt cheap. But I don't even know where to start. Without contracts and such.

Any help please? 

Thank you

Tony V

[Brent Coombs]

@Tony Velez, this has the makings of a good story. 

(At least you have a Realtor, and, you told us here)...

It helps when you know that some properties should not even be taken on for $1.00. Please keep us updated...