I need help with a potential deal

[Jessie Boyce]

Hey All - 
I need some help! My husband and I are super new investors and are looking at a potential deal and want to make sure it makes sense and what the best options are. I'm nervous that I'm not doing things correctly and figured this is the best place to turn for advice.

It's a 2/1 block SFH that's 816 square feet. Tax assessment - $68,084.
A/C and roof were both replaced in 2009.

Comps are: 
*2/1- 846 sq ft fixer upper - listed for 70K
*2/1 - 726 sq ft listed for 109K
*2/1 - 863 sq ft pending for 149,999
*2/1 - 752 sq ft sold for 119K
*2/1 - 720 sq ft sold for 149K

We have very little capital to put down, so we're trying to decide what would be the best: 
- he cannot do seller financing because he still owes 58K on the property
- wholesale the property
- keep the property as a rental (private money? bank loan?) 

Can anyone offer some advice? Am I missing information that you all need to point me in the correct direction? 

I know this will get easier, but the first deal is scary! 

Thanks in advance :) 
Jess

[Steven Stokes]

@Jessie Boyce Hi Jessie congratulations on finding this deal. Please keep us in the loop about how it progresses! 

You're asking what would be the best way to do this deal but I think the question you should be asking is what do you want from this deal?

Do you want a large chunk of cash?

Do you want cash flow?

Do you want investment equity?

Once you answer that question, how you put the deal together will become clear.

One of the mistakes many new investors make is trying to make a strategy to fit the deal when if you talk to any investor who has been doing it for awhile, the deal has to fit into their strategy. 

For example, the past few years for real estate investments I've only been doing buy and hold deals. I've seen some killer wholesale deals come through but I've passed them up because I'm not doing wholesale deals. If you talk to most experienced investors you will get the same kind of reply (most of the time).

I wish I would have gotten this advice when I was new but my advice to you is pick a strategy, buy and hold, lease/option, wholesale, whatever you feel best. Get really good at it because you will make mistakes anyway. And only do deals that fit your strategy and your plan. I'm assuming you have a written plan of your goals and objectives. 

I'm not sure if this helped or not. I hope it did.

Good luck and I hope this deal is the start of something great for you both!

Stephen