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Updated over 6 years ago,

User Stats

20
Posts
1
Votes
Nathaniel M Cooper
  • Chicago, IL
1
Votes |
20
Posts

Need help with some deal analyzing.

Nathaniel M Cooper
  • Chicago, IL
Posted

Hello guys, I am in talks with a property owner who wants to sell. This is going to be a Wholesale deal. 

Disclosure: I'm off to a super beginner start so I may have screwed up or don't have enough information so I hope I can get some advice.

The property is a condo.

Purchase/ Asking Price is $100,000 (This is not negotiated yet)

1 Unit - 1 Tenant - Currently paying $1000 Per Month

2 Bed

1 Bath

Basement with Washer/Dryer.

The Owner is Out of State.

In addition I am trying to find out the Market Cap Rate in the area. How do I go about finding that quickly. I know how to find the property Cap Rate, just need the Market Cap Rate. I also need the typical cost of things like Lights, Gas, Water. I didn't ask, I was so nervous but I can ask in my follow up.

Lastly, if this is a deal. When I talk to the Seller, how do I arrange for him to assign a contract? I got permission to look at the property but if there is a Tenant I don't know how to look at the property. My heads spinning, please help.  Thanks.

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