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Updated over 11 years ago on . Most recent reply
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noob considering wholesale opportunity
Hi BP! I'm new to everything and looking for my first deal in REI. I have been researching flipping older mobile homes with owner financing, and that led me here to BP where I came across wholesaling. I am still researching this niche, but thought I would throw this out here for some feedback while I'm learning more about it.
I have a family member with a house in my town(crossett, ar) that is empty and has been for awhile. Thinking about using the family hook up to gain a deal on a first rental property, I contacted him bout selling it, and he told me he would sell it for a certain price that seems really good to me. It does need some work, possibly a new roof, at least one window and a new door needs replaced, probably paint and carpet as well. Making an uneducated guess being that I'm still reading up on estimating this, I'd say 20-30k in rehab to go top notch with it, maybe less with "good enough to rent it". I looked up on zillow at the sold houses around the same couple blocks and there were like 10 and the range was 95-150k. I didn't find sale dates on those so I'm not sure about that, but I uneducatedly feel it would be safe to stick to the bottom side of that range.
So I don't have the cash for the purchase or the rehab, so I had put it on the back burner, but now I'm thinking I might could wholesale it to find someone with the cash a good deal and make the cash I need to get started with my mobile home plan. If the numbers i stated are close I feel I can put someone in it at 50-60%. So I guess the feedback I'm looking for might be a link to like a step by step guide to the process? I know I will have to get it under contract, I know I need to find some buyers, and I know I need to make sure those numbers are accurate. Any other tips or advice greatly appreciated, thanks!