I'm not afraid of this one but I need feedback....

[Desiree Jones]

While in my hometown for Thanksgiving I decided to look at houses...I am attempting to be an investor after all. So I find this house that has an ARV of 79K, and is listed for 39K. It's a 3bd/1ba house w/ a carport and small shed in the backyard. It's a serious handyman special - no appliances, and it has those old AC units in the windows. My designer side really wants to put a deck on the back and add central air etc., but it's a 7hr drive (90 mins by air). I know my parents would love to help, (especially since this would be my first one)....but my common sense is saying WHOLESALE IT because I'm so far away. It's under the control of a company that is designed to find a way to finance people with past issues. They aren't realtor related and I don't qualify for hard money yet so it actually sounds perfect for me. I'm still trying to get over the fear and this actually seems doable...I could even rent it out since there are colleges nearby. What do you all think?

[Justin S.]

You are going to want to learn how to estimate repairs yourself. A good wholesaler will SELL properties at 70% of ARV minus repairs. That means you need to pick up cheaper than that to make it worth your while.