Posted by Ronald * Starr(in No CA) on September 22, 2003 at 11:38:03:
Understand that a wholesaler does not own the property. The wholesaler has a purchase agreement with the owner for a certain price. You are not going to get the wholesaler to sell for less than the agreed upon price with the owner. So making an extremely low offer is probably a waste of time.
Just point out that you might not be able to make a profit at the asking price. Ask the wholesaler how low s/he can go. If the lowest price works for you, go ahead. Otherwise say “Thanks, I don’t think I can work this. Please bring me any other deals you might get.”
It is well known that beginners who try to wholesale properties agree to pay too much and their “deals” do not make sense to serious rehab people. This may well be a case in point.
You had better sharpen up your estimate of rehab costs also, so you don’t have a wide range. Then you can know whether to spend any more work on the offering or not.
Good InvestingRon Starr*