wholesaling help

[graicensmom]

i am a new investor, haven't done a true deal yet. But I have 5 properties under contract. Now that I have read some of these posts, I'm thinking that they are not deals. I have taken seminars that have taught that it's not my responsibility to do all of the due diligence seeking for my end user. For example, I have a duplex under contract now. the seller says that it needs 5K worth of work. he needs to get $50K out of the deal so I contracted in for $50K, and have it going for $60K to give me some negotiation room with my buyer. The investor I showed it to today says that it would take $60K to rehab it!!! I didn't think it was that bad, considering I'm new, but not an idiot! I was taught to get it under contract and market the property. But now I'm thinking maybe this seller is trying to take me for a ride, and I need to pull out of--of course with my inspection clause intact I can do this.  help me please.

[bigb3433]

repair estimates and determining market value are the biggest parts of the game....im a newbie to but i can at least give ya my opinion to help steer you in the right direction....if you really think your repair estimate is close then i say start looking for more buyers and get as many as you can in there if you start to see a pattern and they all tell you the same thing then maybe its time to make an adjustment but one buyer shouldnt throw you off your game...

hope this is of some use g/l!!!

[Miles B]

Great topic, and I fully agree with you bigb.

Also, keep in mind there are those negotiator types who use these types of tactics to place doubt, and try to shake a seller up.  They are easily overcome by perseverance.

I have listened to a couple of negotiating lessons on tape, and I feel it is great knowledge to know how to combat such techniques!

.02