Wholesale Deal..First solo deal almost done but not quite!

[Andre Green]

Hey Everybody,

I have been working on a few short sale deals since february and I am almost done with my first solo one and I am getting a little excited, but I foresee an issue and I am hoping that some of the experts can give me some guidance.

I negotiated the shortsale with the lender (and I am proud that I have proven to myself that I can make progress in this business on my own), however the lender countered my offer of $65k at $100k (The negotiator said they wanted to net $100k) so if I counter they might just reject it. I am looking to wholesale the deal for $20k which would bring my total to $120k to the end buyer.

The property is located in long island and the home prices have dropped drastically which is why the numbers are so low. The property is a single family that needs some renovation on a decent looking block with 3 recently renovated houses on the block fro sale at $275k and up (I dont know which cracker jack box they pulled those sale prices from..lol). The ARV is around $200k - $215k being conservative.

My goal was to get it low and wholesale it fast and pass on the savings to the end buy/investor but with the counter being at about the number most investors would purchase it wholesale from me.

I am not sure what I should do next ??? Look for an end buyer at the $120k or try to negotiate some more with the risk of losing the deal...

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