I have located a property (condo, 1 bd, 1 bath, decent area). The asking price is $80K. The appraisal on the condo is $200K (from the 2008 tax appraisal).
The owners of the condo are investors and are wholesaling the property. That is their reason for selling.
I have a developed a buyers list. As such I have contacted one investor who maybe be interested in buying such a property. He has asked me to sign a wholesaler agreement.
Now how do I proceed here? It's a stupid question but I am unsure what part I can play here for a decent profit.
1. What is wholesaling?
2. Do I just connect the two and obtain a finders fee if the condo is what the buyer wants.
3. Because the owners are wholesaling the property can I wholesale the property too? For example because the owners are asking $80K can I wholesale it for $90K or $100K. Is that even ethical?
4. Do I not even attempt to wholesale and state that my fee is $5K, $10K, $15K
What can I do to make this work so that it is a win-win-win?
Any help will be welcomed here.