Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated about 4 years ago,
New to REI(less than 2 mo), Off-Market deal to analyze
So I am a REI newbie(just joined BP!) and am wanting to get started with a fix/flip or BRRRR deal that may be available. With limited comps for a 1926 SF 2/1 property which which needs a full gut rehab (has never been updated), I am trying to determine how to make a persuasive offer to the seller/family friend before she decides to put the property on the market in 2-3 weeks. The seller is a friend/family of my mother who is her realtor/friend & she is still emptying the unoccupied residence with the hopes of getting it ready for listing on market. I have no experience with estimating rehab costs but want to be realistic and fair with a persuasive cash offer which makes sense for both parties. I have walked the property and see that it has some great potential to upgrade to a 3 or 4/2 but needs major work(roof, electrical, HVAC, flooring, fixtures, paint, structural,etc). My mother/realtor and friend of the seller who was planning on handling the listing(if it goes on market) is working on comps to determine the value of the property. I have cash and would like to learn from the project, but am early in my REI journey and am not sure how to proceed with how to analyze and formulate a proposal to the seller before she decides to list. Any help from a seasoned wholesaler/investor on determining my MINS(most important next step) on this would be so helpful!