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Updated almost 12 years ago,
Question concerning first wholesale deal
Hello everyone,
I have a wholesale deal that I'm attempting to put together. Here it goes..
My uncle has been renting out my grandparents' house for many years. They both passed away more than 20 years ago. The house now has a notice from the city regarding violations. I spoke with a neighbor and have also seen for myself that the house looking inhabitable. There's over $5600 of overdue taxes assessed to the house. My uncle's been responsible for the house and because of a stroke he had 1.5 yrs ago, he wants to sell. Comps come in with a cash sale of $30k and another home (comp) for $40k cash for land use only where the house was in the same shape, same lot size, but just a little bigger in sq ft. My uncle has stated that he wants $21k, paying the $5600 in taxes. I want to offer my uncle (along with my dad, aunt and another uncle) $17k and then wholesale to cash buyer for $19k. How do I put this together? Do you think cash buyer will accept? If not, any suggestions?