Wholesaling in a million dollar neighborhood

[Michael Perez]

Finally taking some action and meeting with my first motivated seller today. Unlisted property in a area listing houses for a million dollars, actual comp are in 750-800 range, he's got a unique setup so a hard comp is difficult to find.

He doesn't want to deal with updating and repair, said he was looking to just off load the property for a "wholesale" price. (Not sure if it was just used as a term or he knows the real estate market).

Trying to find a contract so I can find a Flipper but worried about New York (Rockland Specific) specifics and my keyword filters have left me with not much to go on. Calling real estate attorneys in my area hoping they would review a contract for me today, waiting to the last minute isn't something I like to do but I the seller called me last night. 

We weren't planning on starting with wholesaling but opportunity is present but capital on this scale amount isn't there, plus its our first deal, planning on giving up most of the assignment fee if I can get some local mentor ship.

Is anyone familiar with New City, New York in Rockland county?

[Jerryll Noorden]

Originally posted by @Michael Perez:

Finally taking some action and meeting with my first motivated seller today. Unlisted property in a area listing houses for a million dollars, actual comp are in 750-800 range, he's got a unique setup so a hard comp is difficult to find.

He doesn't want to deal with updating and repair, said he was looking to just off load the property for a "wholesale" price. (Not sure if it was just used as a term or he knows the real estate market).

Trying to find a contract so I can find a Flipper but worried about New York (Rockland Specific) specifics and my keyword filters have left me with not much to go on. Calling real estate attorneys in my area hoping they would review a contract for me today, waiting to the last minute isn't something I like to do but I the seller called me last night. 

We weren't planning on starting with wholesaling but opportunity is present but capital on this scale amount isn't there, plus its our first deal, planning on giving up most of the assignment fee if I can get some local mentor ship.

Is anyone familiar with New City, New York in Rockland county?

 Don't wholesale million dollar houses. Not because you can't, but because this is simply not ideal.

The best houses to flip are withing 130K to 300K range

These move quickly and most people can afford them, AND the finishes are easy. When you are dealing with MM dollar homes, dude, nothing makes sense anymore. Suddenly a kitchen can range between 50K to 300K (that is more expensive than a fully pimped normal house here). So how are you going to justify the market price when the houses range from 700K to 2MM for the same squarefootage.

And there are not many flippers that want o deal with the risk.

I would really just walk away from this one brother.