Wholesale or Lease Option in Tri-Cities, TN from Houston, TX

[Keshia Hasten]

Hi, I'm new to the BP Community. I'm going to put myself out there since you have to be open to learn. I have a potential lease option deal in the Tri-Cities, TN area (Johnson City, Kingsport, Bristol) but I live in Houston and this will be my first deal if all goes well. I do not have a team in this area (realtor, closing attorney, cash buyers, etc.) but I have been given a lead that appears very promising. I have friends out there and I used to live there but they are not investors. I am awaiting a response from one attorney and I have a list of cash buyers but have not contacted them just yet. I have one person who expressed interest in seller financing but I prefer to get it under contract and wholesale it. I guess I want to have some of these things lined up before I move forward given the distance and lack of a team.

Homeowner is headed to foreclosure due to being behind on several months of payments. They are in the process of getting the home approved for a short-sale and listing it through a realtor. They want out of this situation and to avoid foreclosure. I think it would be a great lease option due to the neighborhood and area. If I am too late and they have listed with a realtor as a short sale, is it too late to negotiate a sales price with the homeowner? This will be my first deal. Any feedback or referrals will greatly appreciated.