WHOLESALING BEST PRACTICES

[Sherri Southwell]

To the BP universe:

1) I've come across a vacant residential lot in a historical area that is starting to get popular for rehabs. Unfortunately, there has been no new construction in the area so I'm unsure of how to formulate a good offer price since I have no comps. Any suggestions on next steps to ensure a good deal for all involved? I'm moving to this particular area soon and plan to hit it hard once there and want to get off to a good start.

2) When wholesaling vacant land, where does my responsibility end as the wholesaler?

3) In all the educational material I've read and listened to about wholesaling houses, the steps seem like no brainers; find it, put it under contract, assign to a buyer, collect my fee; however, when does the title company come in to play during the process and who is responsible for bringing them on board to perform title searches? Is that my responsibility or the end buyer's?

4) One of my biggest roadblocks when I got started was valuating potential repairs.  I was advised by one of my investor/buyers, when it comes to valuating houses, don't try to valuate the repairs until I have experience in doing so. In addition to pulling comps, his advice to me was to get the property data, take plenty of pictures, and submit to my buyers to see what they would pay to help in determining my offer price. My concern is that, if I don't already have a property under contract, one of them might just try to pull my deal out from under me. Should I be concerned?  Am I just being paranoid?  Another suggested I valuate in increments of $5k depending on the condition of the house.  

My current profession is as an analyst and I am trying REALLY HARD not to over-analyze here but old habits die hard and I also don't want to haphazardly jump into a deal that ends up being illegal, unethical, or just plain bad.  

Thanks!