Private Investor Inquiry - Seeking Private Investor

[Fatima Champagne]

I located a foreclosed home that is selling for $180,000 and has a zillow estimate of $430,000-$500,000. Similar homes on the same block and area have sold from $385,000- $439,000. The home needs repairs that are quoted by the seller as around $50,000. My question is first: what type of information would a private investor need in order to proceed?

Also - I am new to real estate, no prior home ownerships, no wholesaling experience, nada, zilch - but I'm looking to move forward. With the necessary fixes, I will be able to refinance the house and pay the investor plus their percentage but how do you locate a potential partner if your own portfolio comes up short? I recently signed up for a local real estate group, so I'll be joining in on our weekly classes next week. I look forward to meeting potential collaborators, mentors, and like-minded individuals - but would like a bit of guidance in how to even go about RE proposals if you have no proof of your own success. 

[Christopher Phillips]

@Fatima Champagne

You are probably on the right track with join the local real estate investor group. You might want to join others if you have them.

You will need to beef up on your analysis. Learn how to pull comps (don't ever mention Zestimate again) and get up to speed on the basics of rehab costs.

At first blush, if homes are selling for around $385,000-$439,000 in the area, that house is going to need more than $50,000 in work.

You'll need to do a walkthrough with a contractor, who will likely charge you for the estimate.

There are lots of youtube videos on figuring out how to estimate rehab costs. It's not difficult. It's mostly ball park numbers.