Owner Below Wholesale

I bought a property in great program, but I need a little help.?

I bought a program about a month ago, but I have yet trouble understanding the process. I can negotiate the price with the homeowner from foreclosure and the next step is to turn around and sell it to a rehabbed for 60 or 65% of market value. If I understand so far, is one example. I found a $ 100.00 property. the owner owes the bank $ 50,000. The property needs some work I can get my $ 15,000 $ 10,000 costs the owner receives $ 10,000. arrears of $ 15,000. = $ 50,000. When I go to the league title how I can write the contract because I think I can get my check and the owner receives a check at closing, but what happens in the cost of repair. The rehabbed and property obtained a lower market value, also more than $ 15,000 at closing? It seems the rehabbed to purchase property for $ 50,000? Thanks for the help

Believe or not, the only one who makes money on these programs is so great that you sold. Of course, your confusion, you see a bunch of millionaires running the buying and selling houses? The actors are paid for selling the "get rich quick" programs. I'll tell you what you do. Buy property for $ 50,000 in your pocket. sell it to a rehabbed for $ 65,000. Now, it's easy, right? Unless you need the money up front to even begin this process. What? They forgot to tell you that part? or enter in a rehabbed back pocket, show the house, seal the deal for $ 65,000, and close sales. You get $ 15,000 and the owner went out of debt. Or sell it to $ 75,000 and the owner receives an additional amount of $ 10,000 minus closing costs. Do not you think that rehabbed knows what you do? He has already proven seizures in the newspaper, as you have. Why should you buy for that much when you can go to direct sales? You do not have a contract with the seller (as a real estate agent would be) so you can handle the case. The next time you buy a nice "quick" program, take the money, put it in the bank and earn some interest … or does it take for the casino and lose, the difference itself. Sorry.

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