Not sure what to do with this possible wholesale opportunity....

[Jack Sarcia]

Hello all,

A seller I reached out to offered me this 2 family that needs work in the Wrentham/Foxboro area of Massachusetts.

He wants about 100k for it but he may come down further. The house has a failed septic and will probably need a roof plus updates. I estimate the repairs around 40k.

I did some research and it seems that its current as is value is about 150k and that after repairs it would worth about 250k.

I don't want to take on the flip so hopefully I can find an investor buyer and make a standard finders fee (%?). 

Anybody in my area that has some wholesaling experience know where I can get some quality contracts? 

Thanks BP community for all the help!

[Shaun Reilly]

Originally posted by @Jack Sarcia:

Hello all,

A seller I reached out to offered me this 2 family that needs work in the Wrentham/Foxboro area of Massachusetts.

He wants about 100k for it but he may come down further. The house has a failed septic and will probably need a roof plus updates. I estimate the repairs around 40k.

I did some research and it seems that its current as is value is about 150k and that after repairs it would worth about 250k.

I don't want to take on the flip so hopefully I can find an investor buyer and make a standard finders fee (%?). 

Anybody in my area that has some wholesaling experience know where I can get some quality contracts? 

Thanks BP community for all the help!

How did you come up with the repair estimate?  That seems ridiculously low for just what you described.  I mean the septic alone could be more than that depending on the conditions of the lot.  Unlikely but it will be at least half that and I would use $25-30K as a place holder on that until I could examine it more.  Roofs again can be pretty variable but on a 2 family I would think it is going to be solidly into the 5 figures unless it is a very small side by side with no real dips and valleys of any sort.  A full decent apartment grade rehab of 2 units could be $30K+ without the big ticket items.  

Maybe you have done a full evaluation and know pretty good what some of this stuff will be but on the surface I'd probably double your number and at $100K it is an iffy deal at best IMO.