Getting Started Wholesaling

[Logan Hill]

Hello all, 

Now that the new year has started I am looking to reach my goals of getting my first couple of deals this year, specifically through wholesaling. I have currently connected with a polished real estate investor and am trying to bird dog for him and bring in good deals. The problem is I don't think I fully understand a good deal when I see one and what essentially I should be looking for when getting started. I also am looking for my first live-in-flip house so anyone with experience or advice in this, your help would be much appreciated. Thanks in advance for the info. 

[Roger Laughary]

@Logan Hill As far as live-in flipping is concerned, I would highly recommend you aim to be within 15-25% of your target ARV listing price to your median home price locally. This means that you wouldn't want to go more than about $225k (ideally $200k) if possible on a selling ARV price, or lower than around $160k(theoretically) to hit the best possible profit margin and days on market targets. Our median home price in Wichita is about $125k which is right around or slightly less than what I would expect my ARV to be here on a flip. I would look for distressed properties that you would need to budget around $15k-$25k on on for repairs to sell at the ARV and make a decent profit. My very first property was a live-in flip when the median home price was about $100k maybe(?) here in town. I bought a property in need of repair for $73k, put about $7k into it plus sweat equity over 2 years, and sold it for $108k literally 25 months into owning it. Zero capital gains taxes. Also sold it for sale by owner because of the pricepoint. Zero commissions. There are many ways to do what you're wanting to do, but this model has been profitable for me. Hope this helps.
 

.