Extended Transactional Funding for first wholesale deal

[Ryan Johnson]

Hello All,

I am stuck between a rock and a hard place for my first wholesale deal. I put up bandit signs and received my first call from the tenant of a landlord who is about 75 years old. We began our talks in October and things have dragged on until now. 

I walked through the property in October with a family friend of mine who is a realtor and also brought along a GC. He said the property would appraise for about 227,000, possibly higher, and comps in the area will support that. The owner was looking for 160k but I talked him down to 135k. I blasted the property to my buyer's list for 153k. House only needs cosmetic work inside which the GC quoted me 8 - 11k for. 

The property is in his daughter's name who lives in Georgia. The property is in New Jersey. For some reason it has been an extreme problem working with this gentleman and his lawyer. He wanted my lawyer to send the contract to his, which I did but it takes the sellers lawyer ages to do anything. In the meantime, I cannot give all the interested buyer's the address because I don't have it under contract yet and don't want to be undercut after dealing with this running around for months.

Should I just try to secure some kind of extended transactional funding to just buy the property in order to finally wholesale it? I have a very strong buyer's list in the area and they've been hungry for deals since the beginning of the new year. I know I can move it in 2 weeks tops.