What would you do?

[James Veatch III]

Hi everyone! First time post, so please excuse any lack in information or wrong lingo, but I'm going to give everything we (my partner and I) know so far about this property we are in talks to wholesale. We have an idea on how much we can put the property under contract for, but we aren't too sure on what we can turn this around for. It's in a small community in Northern LA county, CA. It's listed as a 2/2 on .18 of an acre or 7900sqft and they comp in the area for around 250k. It has utility hook ups. I'm Not sure how post pictures, but this place is in horrible shape. The inside isn't done, it looks squatted inside and it feels like the sorriest attempt at a house, more of a super large shack. The best option is to demolish the whole place and start over. The condition of the house (which is a term I used loosely here) is our questionable part of this deal. So what do you guys think would be a good approach to this as a wholesale deal? We want to find flippers and/or spec builders in the area and pitch this to them.

[Thomas S.]

This does not appear to be a good first venture property. I would probably pass and find something easier for your first go round unless you can get it under contract for half it's real value. Land can be much harder to find buyers for unless you are in a area with a building boom.