Need Wholesaleing / Retailing Advice PLEASE
Hi! First off...this board has been amazing! I hope one day I can offer words of wisdom to new investors! I am very knowledgeable in flipping vacant land, but am starting my new venture in to homes. Please help with this scenerio:
I am buying a house and the lot next door for $350k on a 95% loan (about $7k in fees...yikes....but lender is the one who turned me on to the house)
The house appraised at $350k....the lot is valued at $150k
It is in escrow, to close on April 7th. The seller has agreed in writing that I can market the lot / house while in escrow. I want to sell them seperately to get the most out of them. The lot should go fast as there is huge supply/demand for nice, level lots in this town.
How do I go about marketing the house? My ultimate goal would be to find a CASH re-habber and sell the house at about $320k. If someone dumped another $20-$30 in the house it would bring up the value considerably.
It is a 4 bedroom, 3 bath with a pool, 2500 sq. ft.
Any advice would be GREATLY appreciated!
Also, since I am getting a loan and taking title, would this be considered retailing?
If the house is appraised at $350K and requires $20-30K rehab - what is the motivation for a rehabber to buy at $320K?
Also, getting a loan and taking title is not the decider in wholesale or retail. Wholesale tend to be house well below appraisal or bought with intent to resell specifically or bought in "bulk"
Well they would automatically have $30k equity, and if they wanted to do improvements it would bring up the value more. Does that make sense?
Youre Realtor needs to fight for your rights more....
[addsig]
Maybe I said that wrong....we ARE going to market it now.....with the written disclosure to the new buyer that it is "subject to the acquisition". Meaning, I would have to close escrow on it prior to transferring title to the new buyer.
I am sooooo anxious to learn the double-closings.
On this note, does anyone have a good newspaper ad that they can share for marketing a property like this?