Pitch Then Ditch??
All you wholesalers who talk about getting the property under contract subject 2, to buy you time, to "try" to find a buyer seems to give the advice of "bailing" if you dont perform. Do the people you get under contract understand this or are the cought by surprize when you take off and leave them??
I would not advise doing this. It is dishonest and you are messing with people's lives. If you want to get a straight option and be upfront with the homeowner, that would be fine.
If you do what you propose, that reputation will catch up to you.
Maybe I am just too soft....
im not talking about me im talking about all these posts i read im almoast mortified at the advice
Most of the subject 2 advice I've seen on this site does not advocate ditching them if you can't find a buyer. Most of them actually recommend making the payments yourselff until you find a tennant/buyer. And I've not seen many do sub2 for wholesale deals.
Most of the wholesale advice indeed recommends getting the property under contract. first and foremost. I'd like to further qualify that by saying that you shouldn't put every property under contract that you go to see. if you do, you're offering to pay too much to pass on to another investor, and you will likely go broke and/or have alot of angry people after you. Certain properties, deeply discounted will qualify for a wholesale deal. Generally, if you can get a property under contract for 70% of the After repaired value, less the costs to rehab it, and a few months worth of holding costs with a few bucks for you factored in to it. You wil have no problem pasing it on to another investor. If you can't get it for less than the numbers above, you shouldn't try to do a wholesale deal on that house. If you do, You'll be in for a seminar.
Good Luck,
Jeff
I made this post cause a read 4 of them not that it matters I was just courious. thanx