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Updated about 6 years ago on . Most recent reply

User Stats

25
Posts
42
Votes
Aaron Lee Murphy
  • San Diego
42
Votes |
25
Posts

Newbie Question / What's the process?

Aaron Lee Murphy
  • San Diego
Posted

Hello BP Family...hope all is well.

Here's my question: 

If a Wholesaler presented you a deal and/or property he/she had under contract and you decide you want to purchase it after running the numbers and seeing pictures...What would be the step by step process from start to finish? 

Example: 1) GC estimate

                  2) PSA

                  3) Inspection

And so on.

This would be a cash purchase.

No real estate agent involved.

It needs rehab work.

This would be a long distance investment.

If you can add any dos (or) donts along the way, that would be great.

So grateful for your time.

Most Popular Reply

User Stats

320
Posts
154
Votes
David Torres
  • Full Time Investor
  • Albuquerque, NM
154
Votes |
320
Posts
David Torres
  • Full Time Investor
  • Albuquerque, NM
Replied

@Brandon L. I agree with you on getting a trusted agent on the ground.  They can guide you on what finish levels are appropriate, and set you up with a good contacts (title company, etc).

However, I partially disagree with you about running "real numbers" . The agent will be able to give you an estimation of the ARV, but most won't know anything about running the numbers for the repairs and rehab.

It takes a team to assesss this.  Hopefully my friend @Aaron Hollingshead (blog at www.expatflip.com) can chime in and give you guys some insight on how he does flips from out of country.

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