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Updated almost 9 years ago,
How to wholesale a storm damaged house?
We got a lead for a storm damaged house in Dallas. It was hit by a tornado two months ago. The neighborhood is great and only few homes were hit but the rest look great across the street. The house is severely damaged and the roof is gone. Strangely the kitchen and downstairs bath are untouched. The ARV is min 250K and the seller is asking for 45k. The property right next to it is selling 60K for land and foundation only.
My question is, how would you wholesale severely storm damaged houses? is as any other wholesale process or is it any different? We estimated that the house need a 100k in repairs. does that sound like a deal? we might sign the contract on it tomorrow!
We have closed on deals before but never worked with such situation. Please advice us if you have any information or experience on this subject!
Thank you