Newb needs advice on possible lead.

[Dan Golden]

Full disclosure...this would be my first deal ever.

I've started mailing yellow letters to absentee owners... I spoke with a guy that has a high dollar home on the water that is essentially paid off, (3 years left on the mortgage). The comps are difficult as it's in an area that people just simply don't sell very often. I can't find anything to comp it with. Best guess is anywhere between $650k-$750k. He's not dying to sell it but he will. He's willing to do $650k cash and give me 5% for finding a buyer. or $720k financed with 10% down and @ 4.5% interest, term would be flexible.

Home is in great shape, they do not rent it. He comes to the area and stays a few days every few weeks.

What should I do? I'm out of my comfort zone here. I'm not licensed so I can't legally refer it to a realtor and collect a fee. Is there anything here? Thanks in advance.