Anyone willing to help me out?

Question

Hello everyone!

I'm currently in conversation with a motivated seller. I'm thinking its a great deal but I'm hoping I can get a second pair of eyes on it so I can be for certain. Is anyone willing to maybe shoot me their email address and give me a few minutes of their time? It'd be a huge help to me!

Thanks guys,

Marcus

Jonathan Marcus · Answer

Hi Marcus,

I would suggest to put it under contract right away; then wholesale it to a seasoned rehab investor who most likely can rehab it for a lot less than the $70k you're quoted.

You can also contact the owners of the other 4-plexes in the area because since they already own in that part of town, taking on this project may not be a big deal to them.

Additionally, to find seasoned investors (this is how I did it in Northern NJ), attend the sheriff sale in your county. Take note of the buyers/bidders because they are cash buyers. Approach them to see if they're interested in your deal. Great way to start developing a list of real cash buyers if you're focusing on wholesaling.

Wayne Brooks · Answer

Get some more repair estimates.  $17,500/unit to get them in good rental shape sounds awfully high.  That's like a gut job.  We can do new kitchen/bath, all tile floors, fixtures, texture, paint, new a/c for that!  Any major, or particular, repair issues?

Robert Leonard · Answer

Well Account Closed

You probably want to post the deal on the marketplace instead of here in the starting out forum.

Jon Holdman · Answer

Account Closed post the details (not address, if you don't want to) here and you'll get a bunch of eyes on it.

Account Closed · Answer

Great advice! Thanks! @Robert Leonard

Account Closed · Answer

Well guys, it's under contract! Another thing I probably should have mentioned is that this deal was brought to me by a friend whose cousin is the one selling the 4 plex. The problem is that he lives a state over from me in Louisiana. Do any of you have experience finding buyers in a completely different area than you're in?

Thanks again for all the support! This community really is a great resource for us just starting out! @Jon Klaus @Jonathan Marcus

Jon Klaus · Answer

Welcome to BiggerPockets, Jonathan. Great first post!

Account Closed · Answer

Thanks so much for all the replies you guys! This is awesome! I'm still not sure whether I should go ahead and put it under contract though. It seems like every is pretty iffy on this one!

Would it be smart to try and flip this to another larger wholesaler in my area? Is that a common practice?

Michaela G. · Answer

What's your strategy?

Are you trying to wholesale?

Are you trying to rehab and keep as rentals? Then keep in mind that you will have to have a way to keep them from breaking back in and stealing what you've put in or they will wait a few weeks and pull the copper and everything else right back out.

So, if it's a not so good part of town, budget monitored alarm systems  or something else to keep them out, because they'll be watching.

Anyone willing to help me out?

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