New To Wholesaling..need Some Advice
I have found a seller who owns a home free and clear. He is an older gentleman who lives in another home and does not want to deal with his property anymore. It has been vacant for a year and needs about 15,000 in repairs. He is no rush and not desperate to sell. Comps in the area are in 100,000 dollar range.
Could anyone give me some advice on how I could best structure an attractive or creative offer to this seller?
Your replies are much appreciated...thank you!
Repair it for him and split the profits based on some cast basis.
Watch out for elder abuse issues.
If he is not in a rush and not desperate to sell, are you going to be able to do anything with the property anyway? If you are doing charity, do charity, but if you are thinking there is a profit in someone who does not need to sell, be sure to double check your numbers to make sure you end up with the outcome you desire.
[addsig]
I think you would probably get a better answer if you told us what the asking price is.
If the asking price and the repairs come to more than 75% and you have trouble moving the property quickly, then you may not make a signifigant profit.
If you do a partnership, then you should probably get the seller to transfer the property into a land trust...and make you a beneficiary. Maybe a joint venture agreement. A partnership would eliminate the need for a loan and minimize holding costs.
I would think a Lease Option might be a good possibility as well.