Hi BP people,
This is my first post on the deal analysis and advice page so any and all advice is welcomed.
Totally new to REI so putting myself out there and making calls to FSBO to gain some experience. First strategy I am focusing on is wholesaling. Might have a decent first deal but hoping someone can help me fill in the gaps of additional information I need.
Owner listed property for $110k (Pilot Mountain, NC) 1300 sqft, 2 bed / 1 bath. Current estimated value is $123k
I asked him why he was selling and he said they bought a new place so currently have two mortgages until they can sell (motivated seller). He's been trying to sell for a couple months.
He said the only thing the home needs is the exterior needs to be painted. Inside has nice hardwood floors and roof is only a few years old.
Mortgage balance is ~$65k and monthly payments $600.
When I said we could pay in cash, he said he would consider taking $90k.
What other information do I need to take this to an investor to try and work on a wholesale deal?
Do I need to first get a contract in writing before seeking investors? (with an escape clause written in case I'm unable to find an investor in X amount of days)
Do I also find / hire a contractor to go give an estimate on repair values of the home before seeking investors?
Hope these questions aren't too novice. I look forward to some feedback and insights :)
--Brian
