Purchasing Out of State Properties with Blind Offer

[Nixon Vayupak]

Call me crazy and dumb just for pulling this trigger. My territory is usually here in Southern California and I do pretty decent here wholesaling. Anyway, I just recently made an offer on a property out in Iola, Kansas with out seeing the property but just gathering simple brief description based from the seller. This is my first out of state property deal ever. The only thing I know is that the seller is motivated and I was able to pick up the property for 11K down from the original asking price of 20K. My guess is that the ARV is around 55K to 75K and cost of repairs is about 20K. Since I do not have MLS access for that state, I had to just used trulia, zillow and remax online system to guess the ARV. I know guessing is the not correct approach in this business and hopefully someone can provide me a better insight on what other proper steps I should take in order to secure myself and avoid getting hit with a loss when working on out of state deals. By the way, I would really like to flip this property, if not, I will just try to rent it out to students since there is community college near by, which is about 1 mile away.

Anyway, if anyone can please provide your feed backs and insights if possible.  Negative comments or positive are much welcomed.  Thank so much in advance.

**NOTE** I do have my "Subject to Partners Approval" clause in place.

Nixon

[Christopher Brainard]

Based on your guesses, I'm guessing you really don't like money.

Even if this deal works out, making offers sight unseen without a proper local team, based on information/repair costs provided by the seller seems like a recipe for disaster. While I realize that $11k is a monthly mortgage payment in California, you may be getting yourself into a money pit from which you can't escape.

Just some food for thought,

-Christopher