How distressed is too distressed??

[Markeilsha R.]

How distressed is too distressed??

I found a deal and the REO agent wants to get the contract going now. The property, once repaired is worth 200k. I can get it under contract for less than quarter of that. the problem is that im out of the area and not sure how to go about doing repair estimates, along with the fact that I dont have a cash buyer on hand.

[CK Hwang]

Wow trying to wholesale a fixer upper out of area is not easy. What I would do would be to pay a property inspector and get a written report, then get quotes from contractors in the area the house is in to get estimates to deal with the defects.

All this can be done on the phone or email. With that you have the repair costs and ARV. Enough info for most investors to make a decision.