“Up North” property wholesaling

[Tim Joyce]

Any tips for me as I discuss the state of a property up north in Minnesota? I’m told a potential seller might just want to be rid of it, and that makes me think there are back taxes or something. What else would you want to know about as someone I could potentially be wholesaling this deal to? What numbers would you want to see?

[John Woodrich]

@Tim Joyce If you wanted to wholesale the property to me I would expect you to have enough knowledge to tell me how I can make money at the price you are offering. If it is vacant land I would want you to let me know what I could do with it - good hunting land, SFH developement, Commercial, etc. Would also want you to let me know why you thought it was needed or a good idea.

If it was a house I would expect you to let me know what the needed repairs were, an estimate would be good, and a list of comparable properties showing me how you got to your ARV. If your repair numbers look fake ($5,000) then you will lose the interest of most qualified investors.

The location will matter a lot, I may be interested in vacant land in the city I live but nobody may be interested in rural MN.  In some instances raw land can be a liability as there is no productive use.  Google satellite and the county tax statement should give you some idea on what they are offering before a long drive.