Updated over 9 years ago on . Most recent reply
Wholesaling
My Feet aren't in the adventurous waters of real estate just yet, but that doesn't stop inquisitive mind for preparing. Just like a cook. I like to gather all my ingredients,Stainless steel pots, recipes and prepare for a feast. In this case. I prepare to do my first deal in wholesaling. Read informative books, awesome Bp podcast, and etc. The question is, once i find the deal. How do i go about pricing the repairs needed in my portfolio for the House? If i have to come out of pocket. What would it be for?
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Hello Joseph
Ive been going to my real estate group meetings at home depot and found out the home depot will do free estimates on properties for you. You can just setup an appointment and they'll come on out to the location or you can choose a contractor but they say some contractors hike up prices. Just find someone you trust, maybe even talk to other investors in your area who can help you find a good one. Of course Matt's advice is good as well. The back to back closing your talking about is that referring to a double closing??? If so you shouldn't have to spend any of your own money. Your buyer should be the one bringing all of the money for the closing to the table not you. When you lock up your the contract with the seller all you should be putting down is a minimal payment as a deposit like $10 to $100 to be made out to your title company. Then whatever closing cost you offered to pay in the original contract with the seller will actually get paid by the buyer you sell or assign your contract to. So there for no real money should come out of your own pocket just profit to you from your fee for assigning the contract to the buyer.
Here's a link that will further explain the process. I hope this helps...
https://www.biggerpockets.com/renewsblog/2012/12/10/double-closing-part-1/