Two deals available, first time.

[Justin Hughes]

So I went house hunting today, and found 3 properties. One appears abandoned and run down, my construction experience leads me to believe it would need about 15k in remodeling to be marketable.

The other two I was able to talk to the owners today.

House #1-1700 sq. ft. 3 bed, 1 1/2 bath. Appraised last year for 75k, owner is retiring and is asking 55k firm. The property could be turned into a two unit with 5k in remodeling(just upgrade the bathroom and wall off) and rented as a 2 br/1ba, and a studio. Current owner gets 500/mo in rent, and with comparable rentals after the remodel it could bring in 700/mo. This property is well maintained and is currently being repainted, recarpeted, and retiled(which is why the firm asking price). I don't think the owner would be willing to be under contract for me to assign it to another investor, and I really don't have the funds to even put down a payment or any earnest money(don't really know the difference between the two).

House #2-2500 sq. ft. on 8 acres, with barn and shop on land. Water, electric, and septic. Appraised this year at 165k, asking is 140k. No improvements needed. Owner would be willing to parcel the land to the house and 5 acres so it would qualify for Cherokee tribal loans(like a VA loan for tribal members), and sell the other 3 acres separately.

My mentor advised me to try and get both houses under contract and start looking for interested investors. This is my first time even house hunting for an investment property, so I'm looking for any additional advice or opinions. I'm so excited but also very nervous, and would be truly appreciative for any guidance or encouragement.

(There should really be a tag feature for forum posts)

Tags: Oklahoma, Wholesaling, Wholesale, bird-dogging