Out of state rental proprty wholesale

[Erik Dominguez]

Hello,

Looking for some guidance on an opportunity I have. I have not done a wholesale or any type of real estate transaction yet as this possibly being the first I have hesitated to do any contract or any official movement forward. I’m not even sure if I have all the information I need, let alone the paperwork and process.

The owner and I are in the same state but the property is in a different state. He presented his rental property that he needs to be sold. He feel upon a bad situation and is going through a divorce. so I’m looking for a little assistance with the process and information on how hard is the process is on an out of state sell like this.

I have the home information. Also he has a renter under contract in it at the moment. he is also going to be sending me the mortgage info, the rental management company and the financials this evening.

Where to go from here 🤦🏻‍♂️

[Avery Rustad]

I would recommend building relationships with investors in that area or that invest in that particular area. You'll want to have a handful of people to bring the property to if you do end up getting it under contract. 

https://www.biggerpockets.com/forums/839/topics/443342-what-is-the-best-way-to-build-a-cash-buyers-list
This is a link to a forum post with the some ways other people have found to be useful in building a buyer's list. 

Hope you find some use in this :)

[Amy Aziz]

@Erik Dominguez I also recommend checking out the property and the neighborhood your self along with developing a buyers list. I wish you the best!! 

[Erik Dominguez]

@Amy Aziz

That’s another dilemma, it being out of state on the east coast and is both mountain central makes that observation an issue. And being military we can’t just leave or travle because of COVID.

[Amy Aziz]

@Erik Dominguez First and foremost, Thank You For Your Service! Do you have a family member or someone you trust who is out there or is willing to go out there and check out the property? Call me a little jaded but I just have a hard time purchasing a home or building without checking out the area. Land on the hand I am more than ok with hiring a local photographer to take videos and photos of land for me to see if it's a good purchase.