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Updated almost 5 years ago,

User Stats

9
Posts
3
Votes
Matthew Kostelic
  • New to Real Estate
  • Winston Salem, NC
3
Votes |
9
Posts

Buyer of First Property - Question

Matthew Kostelic
  • New to Real Estate
  • Winston Salem, NC
Posted

Going to sign contract from a wholesaler that seems very trustworthy to me.

The property costs $75k.

2 separate houses on the lot (3/1 & 2/1) that bring in $1100/mo combined.  

The 3/1 is newly renovated and currently rented, however 2/1 is dilapidated but renters have been there 4+ years.

Tax Value on the property is $67k, and it could prob appraise for $85-90k w/o any work, allowing me to BRRRR it without doing the renovation part.

My LLC is setup with a bank account, and I have a line of credit w/ a local bank allowing me to purchase without any $ down.

I'm very new to investing and this would be my first property.  Are there any due diligence absolute must-do's before signing the contract w/ the wholesaler? Thanks for any advice!

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