I NEED YOUR INPUT

[Garrett Diegel]

I have an opportunity that has come up from a somber situation. A friend of ours has passed away and left his home to another friend of the family. They have now learned that the home is in disrepair and needs major renovation to make it livable. A loose estimate (however not confirmed ) would be around $30-$40,000 to renovate the home and put in on the market for a buyer. I am not currently in the market to buy this home as an investment but in my mind this would be a great wholesale opportunity. The family does not have the cash to dump in the home in order to renovate it the way it needs to be so my advice would be for them to seek out an investor to purchase the home for a discount "As Is". 

My questions on this one are. 

• Am I on base with my recommendation?
• What can I do to find a local investor right now that would be willing to purchase this home. 
• How do I enter into a whole sale contract with assign-ability while having my RE license? This would be my first one ever. 

Thank you for all of your help in advance. I know there is a ton of experience out there that will help point me in the right direction. 

[Anthony Donaldson]

find out what is owed on the property and if it is even worth anything (equity). Get more solid repair cost run the number and see if it makes sense. If it does get the property under contract/ assignment paper work. to get your hands on such paper work contact local (real estate attorney) he can actually help you with all this if he's good, he should have connections. If theres no equity next option would be a short short and you need to find an season investor that can handle it for you aka negotiate the deal with institution.. If this seems like much go to your next local BP meet up plenty of help sure to be there or local REIA.

[Account Closed]

@Anthony Donaldson is correct in what he said. But in addition, if the numbers look good, you need to get this house under contract. There are two ways to find cash buyers: 1) Get a list of houses that have sold with all cash from your local real estate agent for the neighborhood the house is in. Then look up that address in the assessors website to find the owners. Then do another search for that person's name as owners to see if they own multiple houses. If they do then they are obviously an investor that already bought in that neighborhood. Then contact them and tell them about your deal.

2) Go to your local Real Estate Investment (REI) Club and promote the deal to them.