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

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

Investor · Randallstown, MD · Member since 2010 · 185 posts · 57 votes

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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  • Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
    15y

    i'm not interested in this deal..just curious, how many yaers is 8k in back taxes for detroit?

  • Investor · Randallstown, MD · Member since 2010 · 185 posts · 57 votes
    15y

    Not sure about Detroit...the property is not in Detroit. But this one is for two years...that's not all taxes though...it's all the fees and interest.

  • Real Estate Investor · los angeles, CA · Member since 2008 · 30 posts · 0 votes
    15y

    How much is the property worth? You would want to first try to find a buyer that is interested int this area and who is looking for a multi family deal. If you can find a buyer than the hard part is over!

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