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Today I want to share with you a few top-secret ways to renegotiate deals and get out of bad wholesale deals.
Every wholesaler I know has, at one point or another, (i) put a property under contract, (ii) marketed the property like crazy, then (iii) could not find a buyer. Over the years, I have learned several tips and tricks that will allow you to easily renegotiate your deal.
Here’s how the process is supposed to work (with hypothetical dollar values):
- You put someone’s ugly, unwanted property under contract for $100,000.
- You estimate that the property needs around $20,000 of renovations, after which someone will probably be happy to purchase the property for $150,000.
- You give this property a $5,000 mark-up and attempt to (quickly) sell it “as is” for $105,000, in conjunction with your own $100,000 purchase.
Sounds simple enough, right? You’ll make a quick five G’s and move on, right?
Not always.
Sometimes reality sets in over the…
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.