Wholesaling Question (:

[Marquise Lumpkin]

Good Morning All,

I have been on a roll with all my questions, I appreciate you all taking the time out of your day to answer.

My question for today is:

Is there any way I can profit on a house with an arv of 193k and a mortgage of 145k? No repairs needed.

I ran the numbers but I’m very confused.

[Barry Pekin]

@Marquise Lumpkin,

I'm concerned that you're moving forward with this without understanding the basics.  I understand looking for advice on how to talk to someone or if a deal is possible given certain factors, but contracts are the core of how to execute a wholesale deal.  You should have a contract already written that you've reviewed with an attorney, title agent, or some other trusted professional.  You should not be ad-libbing a contract on the fly.

Technically, any contract can be written in crayon on a napkin if you really want, but that's far from professional.  Your contract should be printed so it can be filled out with the seller as you explain all of the clauses in it.  This is a serious business, where you are putting this owner's most valuable asset on the line.

As for saying that everything is in favor of the wholesale, I'm not too sure you understand what I said.  What I said was to explain to her exactly what you're doing and how, and how it can benefit her (fast sale, cash) if that's what she needs.  I also said to remind her that she can get more money by listing it with an agent if the benefits you offer aren't important to her.  Then proceed only if it is in her best interest.