Newbie needs advice on first wholesale deal

[Kelli Vissers]

Ok, so tomorrow I meet with a seller to put a property under contract and Im wondering if I could get some advice on whether or not I am thinking wisely, as Ive never bought a rehab! I found a 3 bed/1 ba property in a very nice rural location with Bay views, and only a couple miles from what has recently become a worldwide tourist attraction. It is zoned residential commercial and could be used as a home or even a B&B, which is very much needed in the area. However, it is a total rehab. It will have to be gutted and totally redone in and out. He only wants $9500. Is there a time when getting a House that cheap in a good location isn't a good idea as far as assigning it to another investor goes?

[Account Closed]

If it is a true diamond in the rough and you feel confident you can do the project yourself with out to much risk to you, then hell yes. If there is more risk then you like partner with someone.

[Paul Timmins]

@Kelli Vissers

What is the wholesale fee you can make. What is the rehab cost and ARV how long would the rehab take?

You have to weigh the pro and con of each.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

The B&B idea could provide huge returns.

Good Luck

Paul