I hope I selected the appropriate Forum Category for my question ...
I am getting started in Wholesaling and have been checking on properties in my area, and talked with the owner of a property who has been fixing up the property and is ready to sell it. It was under contract, and it was supposed to close today, but he never heard back from the investor since the contract was signed. He tried contacting him, but the investor never returned his calls. Of course, the owner is not pleased at all about this. He wants to close quickly.
I am wondering if I should pursue this opportunity. While there may not be a large profit margin, there is not much to do to the property.
Here are the details:
Del City, OK Area (Oklahoma City, OK)
1 Bed; 1 Bath
840 Sq Ft on 0.38 Acre
Central Heat/Air
Whole house pre-plumbed
Count Assessed Value = $58,000
Zillow's Estimated Value = $66,700
The roof has a new deck, and it needs to be shingled, but he already has the shingles on site. A rain leak had damaged the sheetrock in the ceiling of the dining room, and he says that it needs 6 to 8 panels of sheetrock to fix the ceiling. He says $2,000 should cover the repair for the sheetrock in the dining room ceiling and to update the cabinets (if desired).
Should I pursue this? If I locked this up under contract, I believe I could offer it to investors for $55,000. Would this be a good idea for me as my first deal? Would it be worth it, and would I likely have success with it?
