Long Island, NY: Question on Wholesaling Probate Deals

[Nick Myers]

Greetings BP Community!

Ok, so I am located on Long Island in NY. I am going to break into REI by probate wholesaling.

I will not be putting up money from my own pocket aside from incidentals and marketing costs. I have several questions that hopefully the BP community can answer.

1) How do I go about finding an "investor-friendly" title company? What should I ask them?

2) What contracts and what clauses do I need and how can I procure them on the cheap?

3) When should I assign contract and when should I do a double close? Is there a rule of thumb?

4) The 68-70% ARV that I flip the property out at to the end-buyer should include repair estimates, closing costs and my profit, correct? Is 70% ARV
sufficient value to the end-buyer in my market conditions?

and finally:

5) What is the best way for a wholesaler to quickly and conservatively estimate repair costs/time in my market (again, Long Island). Price per square foot?

I appreciate the wealth of experience and information here on BP. I look forward to growing and profiting with all of you.

Nick

Tilutex Group