New Mexico Foreclosure. Flip or Wholesale?

[Joseph Langford]

Hello, I'm currently a BYU student in Utah, but I grew up in Los Alamos, New Mexico. I have been drinking in everything that I can on Real Estate investing for several months, and I can't wait to get started. I know of a potential deal in Los Alamos, where a home is being foreclosed on in a very desirable area. All of the other homes on the street sell for over 400k, and the house is on one of the best lots on the street, with an excellent yard. The home would need about 30-50k in rehab, a new kitchen, garage door, and maybe new windows, but the home itself is in good condition. I know that it would be prime for flipping, but I don't know if it's a wise idea to try and flip a property when one, I'm still a poor college kid and can't afford to make the payments while work is being done and two, I'm a ten hour drive away from the property. I'm interested in wholesaling it, but I don't know how to secure the contract without funding first and then turn around and get it to an investor. Any thoughts or help would be greatly appreciated!!!

[Account Closed]

I have been buying and selling residential properties for 17 years and not once have I put up more than $100 on a property. I am getting them under contract, putting $100 into escrow and making sure the contract allows me to assign the contract. Then I market the property to my buyers. If the amount of money I'm making on the deal is less than $10,000 I get them to sign an assignment agreement and they close with the seller and the title company pays me my assignment fee. 

But if the amount I'm making is more than $10,000 then I do a double close. Yes I have to pay for 2 closing costs but it is worth it. Also I get this set up with a title company that can take the funds from my buyer and uses it for my purchase. Kind of like a reverse close. 

I hope that helps. 

I started my RE investing career in St Louis Missouri buying and selling pre-foreclosure properties. Now I'm in Orlando FL and wholesaling other investors, as well as my own, properties to my list of buyers in Florida. Right now I'm marketing about 65 properties. And I'm in the process of marketing 26 multifamily properties in Chicago.