First Deal Help Huntsville Alabama

[Michael C.]

Hello all,

My team and I have begun speaking to our first motivated seller! We are leaning towards either a lease option assignment or a basic wholesale to a retail buyer. It's an absentee owner who seems to be a tired landlord, he currently has a tenant in his property but the lease runs out in a month. He told us he still owes 186k and is renting it out for 1,200k, currently that area rents for about 1,500 and the house could sell for 240-250k ARV. The home needs minor cosmetic repairs, or so we've been told. Any thoughts or comments would be greatly appreciated, thank you!

[Allen Chaney]

I'm new myself, but I'd say make sure you can sell it. Talk to a realtor and see if they think it will be easy to sell. Don't price it too high if you decide to list it. I know of some people fixing and selling at retail to investors as turnkey rentals in Huntsville, but I don't know about how successful that is. Also be sure you know what repairs are required before signing a contract, or leave yourself an inspection clause in the contract. If you come across any deals with a little more margin on them that you want to wholesale, let me know. I have a high budget for flipping but haven't found any big ticket deals yet.