I placed an ad on Craigslist this afternoon looking for cash investors and just got a bite.
Mind you, I am a newbie and am looking for some of your advise if you please.
The email conversation was more one-sided from my end explaining that I am an investor and buy properties at very desirable prices but do not want to hold them and rather sell them/assign them to a cash investor.
The cash investor simply wrote back saying he is interested and would like to buy at wholesale and has cash. He hasn't stated an amount yet but in my email I was talking about homes in the $500K range and he didn't sem to blink.
Firstly, based on your experiences with cash end buyers, how do you go about checking them out to make sure they are legit? How can I be assured that he does in fact have the cash?
Secondly, and I haven't heard back from him yet, but if the comps in a certian neighborhood are running at say $500K, in your experiences, what would be a fair "wholesale" price that an end buyer would be looking for? This way I know what price I need to negotiate with the potential seller.
I set up a time to speak with him tomorrow evening and wanted to have some ammunition before speaking with him.
Thanks in advance for any advise you can give me.