Читать книгу Commercial Real Estate Investing For Dummies - Peter Harris - Страница 87

A ton of buyers are out there for good apartment deals. Not surprisingly, there’s going to be very few or no buyers for a lousy deal. You’ll discover this very quickly if you agree to pay too much for a property. As a wholesaler, you need to be able to give your buyers a deal with some meat on the bone. This usually mean that your buyer’s price needs to be below the actual value.

This makes sense, especially when you consider the rookie wholesaler who gets a property under contract for 95 percent of value. As soon as this newbie tacks on their five or ten percent wholesaling fee, they are now competing with thousands of other properties that are listed by professional commercial brokers. These brokers are good at marketing and presenting properties. On top of this, the brokers usually have a listing with a longer time period to find a buyer than the time that a wholesaler has to move a property.

We know we’re driving this point home here. Make sure that you have enough equity in the deal to be able to add your wholesaling fee while still giving your buyer a great deal. This means that your buyer is able to purchase the property below its actual value, or in some cases below the proforma value. This would apply to a property you’ve found with rents that are well below market rates, as one example.

You’ll want to make sure that you are able to qualify your buyer. Just because a buyer comes back after looking at your deal and is willing to sign your assignment agreement, doesn't mean that they are actually going to be able to close on the deal. If you don’t qualify your buyers correctly, this could ruin your deal and adversely affect your reputation. You’ll want to make sure you understand what your buyer’s needs are and make sure they can perform.

Watch out for buyers who plan on “re-wholesaling” your deal. This is where they agree to pay you an assignment fee without having the ability to purchase the property themselves. This puts your profits and your reputation into jeopardy because they may not be able to find another buyer (who’s willing to pay even more for the property).

You’ll want to verify that your buyer has already spoken to a lender who is willing to provide a loan for the property. You can do this by asking your buyer to provide a pre-approval letter from their lender. Since pre-approval letters are not final approval, we like to contact the lender to determine what else they’ll need from the buyer to actually fund the loan. You also should verify that your buyers have the money available for the down payment and closing costs. Ask them for a “proof of funds” which can be a copy of their bank statement showing an adequate amount of money on hand.