Have property under contract, now what?

Question

So I got my first property under contract and I am nervous that I will not be able to find a buyer for the property. The property does not need any repairs and is in a desirable neighborhood north of San Antonio, TX. I really just need some advice on where to go about finding an investor for this property. I have posts on up on craigslist, and was looking at possibly buying a list from "thebuyersandsellerslist.com". Has anyone dealth with that website before? Any suggestions will help.

Yasmine Bisumber · Answer

Use the BP Market Place, put the house up with the comps to go with it. Call around to local investors and tell them about your home. Be agressive, you are on a time crunch. Use Craigslist, Signs and anything you can think of to market. If this a truly a good deal someone will buy it. Everyone has thier  "first deal". Even if it does result in you backing out take this as a lesson. I also think it's a great Idea to contact other wholesalers and try to work something out GET Creative. And most importantly do not let negative enegery consume you. Hope this helps.

Perry Rodriques · Answer

UPDATE!!

So this morning I was able to make a deal with an investor using the advice given by @Zach Mitchell. I contacted another wholesaler in the area and we worked out the deal together and split our profit. Looks like I am on my way to building great relationships in real estate. Thank You all again for all the great advice.

Richard C. · Answer

My advice is that you go to the sellers, apologize for having wasted their time, and ask to be released from the contract.

Perry Rodriques · Answer

@Richard C. Thank You for your response, but failure is not an option. I am retired military and never give up so easily.

@Zach Mitchell I do recall reading about this in one of my REI books, I think creative financing, I will try it. I have been reading so much for so long, I just decided to jump right in and learn from experience.

@Yasmine Bisumber Thank You for your suggestions and advice. I have posted in the marketplace, but did not include a lot of information. I will readjust my ad. I have only had the property under contract for a day so I know I have a little time and no room for negative energy (I'm too blessed to be stressed). I may just be excited that I was actually able to get it under contract. Again, thank you for your advice.

Ryan Dossey Thank You. I Upgraded to a plus account last night and have posted it in the market place. I will go back and refine my post and just keep posting away. Thank You again - BTW cool name

Thank You all for your insightful post. I will keep going until I make it happen.

Perry Rodriques · Answer

Thank you all. I will keep working this diligently and let you know what happens as soon as something does.

@Richard C. Thank You and God bless you.

Ryan Dossey · Answer

@Perry Rodriques Do you have the ability to close on the home yourself? You could always do that and list it on the market a 15% return isn't bad in the financial world.

Kendall Schwarz · Answer

Perry,

That looks like a nice house, congratulations. How soon do you need to close? If you got it well under market value you should have no problem wholesaling it. Have you posted it on BP marketplace?

Alberto Camacho · Answer

The 70% guide is exclusive of repairs.

The way I've understood it is 70% of ARV minus any repairs minus wholesale fee.

This way you can assign it at 70% of ARV minus repairs. On a home that needs no repairs the 70% would work. Some markets don't allow getting to that number but the closer to that 70% minus repairs  the faster that deal will fly out the door.

Get to know your market. That will help you shape your approach more than any guideline.

Perry Rodriques · Answer

Since Ryan Dossey mentioned that "wholesalers" get home 70% or more below the value, do you think it will be more of a challenge to sell the home? I have seen some "wholesale" properties that are 70% and under, but need a tremendous amount of work done to them. The property that I got really needs no major work.

Have property under contract, now what?

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