Another wholesale deal...HELP!!

[Tiffany Cunningham]

OK guys I have another lead that could potentially be a home run. Its a 2br 1ba drive for dollars lead so i can visit it if need be.The house is vacant, free and clear of mortgage and has been for quite some time. ARV is 350k.

I have an appointment to see the house inside and out. By the looks of the outside, the house is in dire need of TLC. I have 3 questions to ask you guys:

1. I'm no contractor and I have no idea where to begin with making an estimate on the necessary repairs. How do I come up with a repair estimate?

2. The property is in Yonkers, NY. I've been networking with a lot of Westchester County marketers and they have all given me 10 different stories as to what type of contracts should be used, what type of LLC should be set up for wholesaling etc etc. Is an LLC necessary at this stage in my wholesaling business? This would be my very first deal.

3.Are there any special contracts available that are used by NY investors?  I'd like to bring a copy of the contracts with me to my appointment, as I would like to be "over" prepared opposed to being under prepared and not be readily available to close the deal. 

All is appreciated. Thanks again for the wholesaling advice and real estate wisdom.

[Roland Paicely]

I have a suggestion.  If this is your first wholesale deal, Don't rehab it.  Wholesale it, take the money and have a good learning experience.  Regarding the repair estimate.  Take a contractor with you.  Many of them will give you an estimate for free or charge you a nominal amount for their time ($50).

The paperwork issue I can't help you with because I'm not familiar with NY law.