Deal or No deal? 1st Wholesale Deal

[Jyvanni Thibodeaux]

Hey guys!

I'm finally jumping in and starting a discussion because I am not to sure on what to offer my seller. I am located in the Miami-Dade /Ft. Lauderdale area so our market prices are higher than your typical flip property, nonetheless the margins are still there if the numbers make sense. This home is vacant and the seller is more than motivated, so I definitely have leverage in what I am going to offer him. Here's a summary of what's going on the property:

4 BD 3BA Single family home, 

-City has Issued nuisance violations due to lack of curb appeal and an unkempt lawn

-Previous contractors began working and then abandoned the job 50% of the way through left lots of material inside property to complete job such as new toilets, paint, tile, etc.

-Owner's realtor quoted me a 360k mortgage payoff, 510k-520k ARV, 30K in repair costs and owner is asking for 409k all cash...

MAO{ (510K X 70%)-30K= 327K So I get 327k is my MAO but this does not include my assignment fee, which will be 18% of the spread.

Regardless of my assignment fee, is this deal possible if my MAO does not satisfy the mortgage? Also I would like to get the official mortgage payoff directly from the lender to be able to better gauge where my offer number should be, how can I go about acquiring this legally and receive the most accurate number?

Of course I'm having my contractor get me a bid on the job, actually 2, just be sure, so for the sake of a ballpark offer I am going to use the 30k that the owner's realtor quoted me for at this time.

I'm nervous my numbers are not adding up...

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