Advice for a new investor on wholesaling an empty lot

[Steven Primiano]

Hi everyone,

I am just starting my real estate journey and am looking to do my first wholesale deal.  I am in discussion with a homeowner for her property.  She has a home 1.5 blocks from the beach in New Jersey.  It burned down in a fire and needs to be demolished.  I pulled some comps in the area and found several homes and even 1 empty lot that sold in the past few months.  I could use some advice on how to proceed.  What other questions should I be asking?  How do I accurately determine how much it would be to build a house when that cost could vary so greatly?  The area has everything from small beach bungalows to 6 BR homes with multiple sun decks and high end finishes.  Any advice would be greatly appreciated.

Thanks,

Steve