What should a wholesaler present to a rehabber?Aug 18, 2021
Wholesalers submit deals to me all the time. And, typically what I get is, “Bernadette, I have this great deal in Brockton, it’s going for $225k, the ARV is $400k, the rehab cost is $80K. What ensues is usually a back and forth of many different questions. Do you want to know what a rehabber is going to want to see, before they will actually look at your deal?
- Summary of the Property. What type of neighborhood? Positive Attributes and any Adverse Conditions? ARV, rehab estimate, comps etc…:
- Some type of rehab estimate worksheet
- Exterior: Front, Rear, Side, Street View
- Interior: Every Room & Mechanicals
- 3-5 Comparable Sales
- Within ½-1 Mile of Subject Property
- Sold Within the Last 6 Months
- Similar Structure (colonial, ranch, cape, etc.)
- Previous or Current Listings, if Appropriate
- When you are doing your analysis (before you send the deal to anyone), make sure you remember that everyone wants to make money. Be sure to add the rehabber's expected profit, potential hard money costs, holding costs, broker fees and legal fees. So often, new wholesalers forget that there has to be enough room in the deal for everyone to make money.
You can make a lot of money wholesaling, but, you will be able to make more if you are able to present your deal in a concise manner that will allow your buyers to make their decision more quickly. If you are looking for a program on wholesaling houses, you may want to check out the program my good friends at Brownstone RE Training and Development have. It's reasonably priced and something you can take action on right away. Brownstone Wholesaling for Quick Cash.
Bernadette Trafton, Chief Connector
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