All Forum Posts by: Jon Mark

I have interest in a property that is tax delinquent and up for auction next month on Feb. 6th

I found it on the city website

Hypothetically speaking, and assuming the deal made sense, is it too late to try and "wholesale" the property by helping them find a cash buyer?  Will the city still take the back taxes? Will the bank still accept cash on what they owe?

Thanks

I have interest in a property that is tax delinquent and up for auction next month on Feb. 6th

I found it on the city website

Hypothetically speaking, and assuming the deal made sense, is it too late to try and "wholesale" the property by helping them find a cash buyer?  Will the city still take the back taxes? Will the bank still accept cash on what they owe?

Thanks

Hello all,

I am new to real estate and wholesaling, but serious about getting started.

I need guidance, with a multifamily property that has been on the market almost a year. It's for sale by owner, poorly marketed, which is why I think it has not sold yet. 

It is located in an emerging market, where tons of development is happening, and is currently operating at a 10 cap.

It consists of 3 homes, 1 mobile home, and 1 vacant lot, all adjacent to each other. 

There is definite value add opportunity, by rents being under market value, the vacant lot, and making tenants pay for their own water and sewer. This could even be a great "house hack" for somebody.

I just got off the phone with the owner, and he said he would be open to paying a finders fee if I could lead a buyer to him. I've never wholesaled anything before, what do I do next? 

How do I market the property, legally? (I'm in Texas if that helps)

Do we agree on a small fixed fee (say 5-10k?) or should I try to get the difference between the agreed upon price and what I can wholesale it for? 

What is my next step? Thank you