Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

Account Closed
  • Specialist
  • Hollywood, CA
59
Votes |
81
Posts

20 Yr. Old Investor: Got My First House Under Contract! What now?

Account Closed
  • Specialist
  • Hollywood, CA
Posted

Hello BP!!!! I have waiting for this day and it has finally come. I have got my first wholesale deal underway and I have got a house under contract!! I am excited but anxious at the same time as I do not know where to go from here. It is BiggerPockets which got me interested in real estate investing and taught me all the knowledge I know today. Now that I have finally reached this point I am curious to know what to do next. I know that finding a buyer can be easy or difficult depending on the deal. Although, I know that the deal I have lined up is certainly profitable for a cash buyer. I live in Santa Barbara, CA but the property I found is in Hobbs, New Mexico. It is a 3 bed, 2 bath, 3/4 acre lot, and it is estimated at 151k on zillow. After doing comps in the area that seemed to be accurate. It needs minor repairs (about 10k), so I am asking for 80k.

My question for you guys is, what should I do next and is my asking price too low/ too high? I do not know how to reach out to cash buyers in the New Mexico area, so I am stuck on what to do. I have the property under contract and it seems all I have to do know is find a solid cash buyer. Although, I do not know if I am missing a link/step. Any advice would be great!!! I am a college student so this deal will really help benefit me with pain for my schooling/ living. This community has taught me everything, now I need one more thing from you guys so I can actually close my first deal!!! Thanks!!!!!

Most Popular Reply

Account Closed
  • Real Estate Investor
  • Shelton, WA
639
Votes |
369
Posts
Account Closed
  • Real Estate Investor
  • Shelton, WA
Replied

@Account Closed "What should I do next" Is probably a question you should've asked and had answered BEFORE you tied someone's property up with a contract. 

Loading replies...