New to Wholesaling - Need Advice

[Les Crone]

Hey everyone! I'm new to the wholesaling market and bought into Cody Sperber's program. I've gotten a lot of great information, but the mentoring they offer is $7,000- not something I can afford out of the gate. I also joined Freedomsoft and that helped me get websites and the rest of my business set up. The one elusive piece everyone seems to holding close to the chest is analyzing a potential deal. I'm actually sitting on one now trying to decide if its something I want to do as my first deal. I live in a rented condo and my landlord mentioned she may be putting it up for sale. They are elderly and I suspect they just want a quick cash out. As soon as I heard this I started researching through all the material and couldn't find anything that would really help me evaluate the property.

There was an open house for another condo in my building last week, so I dropped in to see the unit and meet the RE agent. I told him what I was getting into and he was very excited about working with me. I didn't go as far as asking him to run any comps for me, so I did a Zillow comp estimate and got a basic idea of what my unit would be worth. I also did one on Freedomsoft but its the same information as Zillow. But now I'm stuck. 

My first question is, are condos moving in this market (mine is a 1 bedroom) or should I stick to single family houses? I estimated my unit would list for $70,000 and probably sell for $65k. Is it worth making this my first deal?

I have the basic formula Clever Investor gave me for estimating an offer which is Value - Repairs X 75%. I came up with $48,750 after repairs (carpet, new windows, paint, etc.) as an offer. I don't know how to present it to the landlord.

Any advice? I'm really kind of timid with some of this! I'd also like to find a way to know where I should be marketing to. How do I know where the best areas are to send direct mail?

Thanks in advance!

Les