Wholesaling Luxury Property Need Feedback

[Marcus Maloney]

I received a call yesterday from an Agent that previously listed a luxury property. Here is what is happening; I did a mailing to absentee owners and was contacted by the owner (elderly) of the property in the midst of the conversation she asked that I speak to her friend who previously listed the property. She gave me additional information about the property (listed at $750k), and stated clearly that she is assisting as a friend and not in the capacity of an agent. I told her that I would discuss the figures with my partner and get back with her. After doing some research I contacted her (friend/agent) the next day, and true enough the property was listed for 109 days with minimal offers. I looked at the comps and they were everywhere from $800k-$350k, so its difficult for me to get a gauge on the ARV. Oh I forgot to mention $20k in upgrades would be needed (granite and paint). In my follow up discussion the friend also stated that the owner had an offer from a new potential tenant that is willing to pay upfront for a year rental at $3200/month. The owner does not want to rent but sell the property and is willing to take $675k.

The second caveat to this is, I'm on my second wholesale deal and I'm not sure if my buyers play in this arena. I do not want her to miss out on the rental opportunity.

Please Respond