How to Wholesale A House As An 18 Year Old, Already Have Contract Signed?

[Kris Patel]

Hi everyone,

This is my first time posting here. Yesterday I just got with the sellers of this 4 bed, 2 bath house in Kilgore, Texas (close to Tyler) and I am looking at selling it to a cash investor to make a potential profit. However, I am new to the area and do not already have a buyer's list. What should I do?

Details:

Under Contract: 175k

Attempting to Get: 200k

ARV: 290k

[Hector Perez]

to give some feedback, you will need to estimate the cost to repair the house; if you don't know how to do that, we just need some  information of what the house needs and the sqft of the property

If the house is, as an example, 2500 sqft, and It looks like you are stuck in time back in the 1980s, but the AC is working,  the roof is ok, and there are no foundation, plumbing, or electrical issues; I can assume maybe a $20 per sqft, so the rehab is about $50K to 60K

If the ARV is 290K minus 10% closing/holding costs, - minus 20% profit - $50K rehab, ideally, in this example, I need to buy the house for about $150K to flip it, but as a landlord, I may be able to pay a bit more, as long as rehab is not too much, and rental is about $3,000 to $3,500 a month