Got my first Wholesale deal!

[Brandon Ribeiro]

I got my first wholesale deal...well almost. I was reached out to by the property owner of a commercial building- used to be a tattoo shop downstairs and a 3 br 1 ba upstairs. It is currently on the market for 310k and said he would entertain a cash offer of 250k but seems to be willing to work on that cash number. I should also add that he is willing to terminate his contract with his agent ASAP (he does not like him at all). I have been working the past 3 weeks to put together a buyers list and have a few already.

does anyone have any tips/advice on how i should go about this deal? should i try partnering with an experience wholesaler or go off on my own? does anyone have any wholesale contracts i could use?

I am very new to this and ambitious which is what drove me to simply find a deal, then ask for help. This same property owner also has a second property (SFR) that he would be willing to entertain a cash offer on and even said hed do a 5% discount if I got both.

[Todd Rasmussen]

@Brandon Ribeiro

It sounds like you are halfway into a classic trap. Just because he's willing to sell for 250 and it's listed for 310 doesn't mean you are buying it at a discount. What should one of your buyers be willing to pay for it?

1) Find someone with some experience to walk through this one with you.

2) Project NOI

3) Make offer subject to at least a financial review

4) Review seller's financials

5) Renegotiate contract (if applicable, but spidey senses pointing towards definitely applicable)

6) Assign contract

Additionally, factor in that commercial store fronts may not be the hottest market to your buyer's list right now.

Good luck