Hello BP, I got a potential wholesale deal and I would really appreciate your feedback and suggestions on it.
So the house is in Maplewood New Jersey, off market. Owner wants 300k, Zillow has it as a single fam 3/1 and estimates it close to $430000. However the house is actually a two family both units rented out - the 3/1 is for $1450/mo and the other 2/1 goes for 1200/mo. a bit of fenced backyard. Rents in the area are about $200-300 higher. Bare with me please.. I got the lead trough a bird dog and there's an agent representing the seller(aka brother in law). The Agent told me to show proof of funds in order to be able to view the property and gage the condition. I think it's possible to obtain a proof of funds online but not sure I want to pay for the service.
My current financial background wouldn't be nearly sufficient to buy and hold this property so my option is to flip it. I overruled Double closing (thought to get at least $30K of it) because I can't qualify to buy it then sell My invesor friend said that title companies wouldn't let me double close unless I can show that I can buy.
So now I've texted the agent, told him that after I did the numbers it didn't look like a deal to pursue for me but my friend investor is very interested and would like to get more info on the property condition before showing proof of funds along with the offer.
With that being said Please feel free to share your wisdom and give me an honest feedback on my thought process and maybe a more beneficial outcome available.
Thanks for your time.
