El Paso Brrrr 🥶

[Giezy Villavicencio]

I am currently looking to acquire my first property, 

spoke with owner and he is willing to do seller financing 😌 but he mentioned he does not have the terms for it (whatever that means,.)


the property is in TX and I am in CA. 

it looks to need a full rehab. 

Right now I am looking to find a Realtor in El Paso so that I can have some comparables

but what do I really need to be doing now and moving forward.


how do I keep the deal alive, what do I do? And look for? What do I tell him? 
HELPx

🥹🔫

[Mark Ito]

Something that is essential to long-distance investing is building your team. Since you are not physically there, you're going to need people (i'd recommend multiple) that can look at the property. A few of these could include: a home inspector, general contractor, RE agent, property manager. 

You need to figure out the sellers motivation and get a better idea of their needs in order to see what they're willing to sell for. You should already have a number in your head. Since you've already mentioned the rehab status, I'd say for sure contact a GC to walk through and estimate repairs. This could make or break the deal. If it comes out favorable, consult a RE attorney in El Paso to go over "terms" to ensure you understand rules and regulations for the area. 

Then you can negotiate with the seller, contract, and either move forward/back out/or find a buyer. Lots of variables that you didn't cover but this is a general way forward. Open and honest communication is best, and keep multiple exit strategies in mind. Good luck!

P.S. a fantastic book on this is "Long Distance Real Estate Investing" by David Green!