There goal for a wholesaler is to make a quick profit flipping the contract.

Hey everyone,Just a quick post, not sure if this is the right place to post this, but south jersey investors, lets connect.I came across a BP's investor this weekend at Lowes, never got his info. 

With a basis of $138k and only $1,000 monthly rent, your well below the 1% rule (a basic back-of-the-envelope calculation used by investors to quickly determine a go or no-go decision). 

As in, "is it safe to go rent a place when my company is laying off people", and "will I get rejected because I have a foreclosure or deed-in-lieu on my record?"

Also, you can check out some comps in your market that sold quickly to see what others are doing. 

And wisdom tells me that I better do some homework on the HOA’s that I buy into, because they could turn a cash flowing property into a nightmare real quick.

I currently have 2 in the cooker and another that I can not financially get to quick enough.   

@Scott Smith, please correct me if there's anything I missed in that quick analysis. 

My real estate agent in the area went by and took some video and described it as "creepy and old," the tenants had smoked so the smell was awful, and the neighborhood was "hood" - she didn't really feel safe there just taking a look. 

If this property isn't selling quickly, you might have a shot at getting it at your price.