I'm new to REI and I haven't done a single deal yet, but I have been confiding in a good friend that has been doing BRRRR's for a few years now. My starting strategy is to do a few fix & flips to build some cash reserves up and then get into BRRRR in a couple of years. So, I decided to drive a nearby neighborhood close to my residence, recently and document addresses of seemingly vacant distressed properties. After doing much research, I decided to reach out to one of the home owners on Facebook and asked if she'd be interested in selling. She responded enthusiastically and is motivated. She lives 3 hours away currently but gave me permission to enter the residence and take a look around because the house is vacant. I brought my friend along and he devised a few strategies to employ with the property. Flip, Wholesale or BRRR. He told me that the house is pretty far gone and needs about $110K rehab on a $90k purchase(I spoke with the seller after our walk through and offered her $90K, she verbally accepted and is going to come up to the house location this weekend.) He disclaimed that it's a do-able flip but a big project for a first timer without many resources. He did offer to partner but after he ran the comps he came up with an ARV OF $290k. His suggestion was to wholesale it because he believed that for the purchase price of $90K, it'd be a relatively safe bet with a good margin.

So, my question is:

How do I get cash buyers or "buyers lists"? And also,

When I draft the contract for the seller to sign, how far out should I set the closing date on the contract? I'm not using an agent.

I want to allow enough time for myself to find a buyer to re-assign the contract to but at the same time, don't want to drag it out to the point where the seller gets annoyed or doesn't want to sign. As I mentioned earlier, she was very enthusiastic and I was able to build great rapport with her because we actually have a mutual friend in that neighborhood. For what it's worth, we spoke on the phone for about an hour after I presented my offer to her.

Any feedback would be greatly appreciated.

Columbia, Maryland

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