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Updated 11 months ago on . Most recent reply
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Wholesaling help. I could use a mentor!
I am close to closing my first deal. The house is a probate and could list after repairs for 225k-250k. The repairs needed are estimated at 80k (this is a high estimate to allow the investor to chose roof type and other contractors in the area for some other repairs needed). I offered 75k for the house. So that's 62-68%. I have a list of investors I can contact with this SFH stats and see if they are interested. Here is my list of questions for both this house as well as future deals:
1) Do I call an investor first and see if they accept and send them stats? Or do I get the house under contract first and then reach out to the investors?
2) Do I include my assignment fee inside that 70% rule or does this come out at closing? Would this be 6-10% of wholesale price?
3) Where do I get the contract to lock in this wholesale deal? The title company or myself?
4) I have a title company in mind, but do I also need a real estate attorney?
5) I've noticed with the free contracts I've found online they have inspection periods. Who is the inspection for since some of these houses I've looked at and are buying we know needs TLC. With some of the stats I have on the properties, I have a list of known repairs and expected/estimated costs for the contractors in that area. Would they still need an inspector?
6) Do you like to see wholesalers reach out to you (the investor) only with a contract ready, or do you like a list of leads first? If I have contracts ready, are they contingent on finding investor funds?