I am new to the purchasing side...any advice is welcomed

[Doug Teasdale]

Hello BP, I have been a GC 20+ years, I had an account with all the banks and Freddy Mac back in the day doing their remodels and make ready's. If I had to guess I probably have remodeled over 2000 homes from California to Texas and north to Indiana. I could pretty much remodel a home in my sleep lol. I have read a couple property investment books and am currently reading BRRRR, and I have been surrounded by different investors throughout my years I have tried to get into the flipping business a couple times but something always got in the way, ex wife usually. Now I am actively searching for properties, getting the wholesale emails everyday and one caught my eye and I contacted the wholesaler and have started the conversation which come to find out I have spoken to him before with another investor and he remembers our conversation and "has heard good things about me". This deal that caught my eye is on .769 acres. Its 7 individual buildings and 14 units spread out between the 7 buildings, 1 of the units is rented out on a yearly rental agreement grossing $1000.00 each month. The seller is looking for $205,000.00 and that includes the closing costs( he was at $275,000.00 then went to $225,000.00 when I called then down to $205,000.00). I figured the rehab at $65.00 sqft making the total rehab costs at $701,000.00, the total acquisition at $906,000.00. the cap rate will be around 7%. I wanted to see if I could do a BRRRR on steroids lol, this is where I need the help from the experienced investors, I'm not looking to make a ton of money on my first deal but I want to jump in and make this work if I can for my first investment property. Any advice you all can share would be much appreciated