What do i need when door knocking (contract?)

[Brian Christensen]

I know of a distressed property and plan to go knock on their door. As a newbie, I have no practical experience with doing this (I’ve owned two rentals, but no wholesaling experience).

-What is the process if the owner agrees to sell?

- what contract will I need.

- I am not worried about safety issues with this one, but what other considerations do you suggest when approaching the owner?

- Is there a book/ site on wholesaling?

Thanks,

Brian

[Michael Lewis Lee]

Hello Brian!  Yes, you are right.  A  purchase agreement should be in your access.  Do not tell the owner/seller about the possible assignment.  The demand in that area will determine if it would be a good purchase. before you go, check on area sales comps to help you determine your range of a sales price.  The demand in that area will help determine your Due Diligence period before you set a closing date and their motivation.  His attitude will help your decision whether you can tell them or not or if to close it twice on the same day and have those 2 expenses. Whether it is a sale or rental unit might be determined by the demand in that area as well as help you on the needed repairs.  Ask about any expected capital or major expenses.  If it is a rental ask them for a copy of the lease, if one exists.  If it is a sale, does it have curb appeal?   Its amenities will possibly help you determine on a sale or lease. 

 Good luck to you!