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Updated over 8 years ago,

User Stats

35
Posts
16
Votes
Logan Knight
Pro Member
  • Investor
  • Boise, ID
16
Votes |
35
Posts

Getting a my first wholesale deal done

Logan Knight
Pro Member
  • Investor
  • Boise, ID
Posted

I am looking at a wholesale opportunity in Idaho. The property appraised at over $550K, needs about 60-100K in cosmetic repairs (it's a very large home) for an after repair value of 650-700K. These are truly cosmetic repairs as the bones are in amazing shape. I would like to get it under contract for $450K, which would give an investor a very healthy return. I would love to do the rehab myself but I don't have the liquid funds available at the moment. 

How can I get it under contract without being pre-approved at that purchase price? Also what type of earnest money should I offer? The ARV is more than double the median home in this area so I'm also concerned that I am limiting my pool of investors and/or buyers and I don't want to get stuck with the contract. Any help here would be amazing!

  • Logan Knight
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