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Updated almost 10 years ago,

Account Closed
  • St. Croix Valley, MN
3
Votes |
12
Posts

Got my first contract signed.

Account Closed
  • St. Croix Valley, MN
Posted

The first call from my marketing has turned into a signed contract - after 2 months of back and fourth with setting an appt to see it.

I got the purchase agreement for $100,000. 3/2 1800 sq ft in a mature neighborhood towards the end of the road AND on a pond! It's an amazing property actually . 1970s built. All original. Bought it from original owners. 

The neighbors house sold for 203k in 2014 and is similarly dated, but not on pond. The nieghbors across the street just sold for 245k, more sq ft. but just as dated.

I am not really sure what to do next. Obviously, it's find the money, because I don't have it personally and my offer is all cash. How should I go about presenting this to people I contact to partner with (joint venture). 

What I want to do with property - renovate and resell. I think I could wholesale this property for easy for 120-140k, easy. But at heart, I am a rehabber and that what I want to do. Its my name on it.

I ran my numbers and I am looking at 100k in rehab on top of 100k purchase price. The ARV should then be 275-300k. It will be a high quality rehab because thats the type of work I want to do and thats what my market probably wants to see.

Wondering how I should pitch this deal to investors that might want to partner with me. Thanks BP!

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