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Updated almost 14 years ago, 01/08/2011

User Stats

185
Posts
57
Votes
Katrina P.
  • Investor
  • Randallstown, MD
57
Votes |
185
Posts

JUST dawned on me...I can wholesale this deal...please help.

Katrina P.
  • Investor
  • Randallstown, MD
Posted

Hey everybody:

I found a great deal in Michigan with a 4-unit apartment building that I would like to wholesale. Actually, I'd like it for myself, but I don't think I'm in a position to line up the financing because most of my money is tied up. So, it just dawned on me that it could be a good candidate for wholesaling. It is currently completely rented out, bringing in $1,500/mo w/mainly section 8 tenants. It's a pre-foreclosure...they are about to lose it to back taxes. They want $20k for it, and there's about $8k in back taxes. So, how do I set up this transaction? Can anyone help me with the A-B and B-C contracts? I've never wholesaled before, and just need some guidance. I'm thinking about building in a $10k finders fee. Advice please?

Should I advertise it at a price, INCLUDING the back taxes, or should I advertise it EXcluding the taxes, and tell the potential buyer when they respond to the ad?

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