Dallas-Fort Worth Real Estate Investor Club

Wholesale deal, but need advise.

  • 18 Nov 2013 10:21 AM
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    Message # 1440788
    Shawn Mahoney
    Got a wholesale deal in the works.  Built in 1928, 3/1/2 detached with din, approx 1,600sqft.  Full equity. Fully owned, no note.   The problem is, the house has 7k in back taxes.  How would I go about getting all this taken care of with a wholesale deal?  
  • 19 Nov 2013 4:00 AM
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    Reply # 1441407 on 1440788
    Deleted user
    I bought a rehab like this not too long ago. As part of the contract, the Seller state their terms. 

    In your case, I'd assume there would be a sales dollar amount (cash sale price of the home) + "Buyer to pay all closing costs, including non-prorated taxes," or something to that effect.

    -Greg

    Greg Wilson
    The REI Mentor
  • 20 Nov 2013 9:27 AM
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    Reply # 1442258 on 1440788
    Shawn Mahoney
    Ok good deal.  I actually have the house under contract now, and just need to find a buyer asap as it is time sensitive.  As my first wholesale deal, EVER. Im hoping to get everything going as smooth as possible.  Thanks for the advise, and I will be seeing you guys at this Saturdays meeting. :)
  • 20 Nov 2013 10:15 AM
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    Reply # 1442294 on 1440788
    anand dahya

    let me know if u need cash buyer

    anand  817 219 4726
  • 21 Nov 2013 11:38 AM
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    Reply # 1443326 on 1440788
    Deleted user
    Shawn,

    If this is your first wholesale deal, AND you have it under contract, I'd suggest you post the deal's particulars here. If it is not under contract, post the outline of the deal (neighborhood, beds/baths, repair estimates, etc.), but not the address.

    If they are good (meaning the numbers work for a rental or flip) your post should be flooded by investors responding to you trying to buy your deal. If not, you'll know very quickly that the deal probably doesn't work in its current form / terms.

    Let me know if there is anything else I can do to help you grow your business.

    -Greg

    Greg Wilson
    The REI Mentor
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