Wholesaling questions in Az.

[Doug Teasdale]

Hello BP friends, I have been trying to get my start in real estate investing. I think I’m stuck in the paralysis stage, I have read some books and been to the conferences. I currently live in Prescott Az. A small mountain city. I have seen this same house that is vacant (all the classic signs) I have located the owner ( I have not reached out to her yet). I currently struggle with knowing the right offer price for the homeowner and having the right assignment agreement for Az. Is there someone willing to guide me through this process? I have been trying for several years, thank you all for you guidance.

[Dustin Tucker]

Quote from @Doug Teasdale:

Oh my gosh Dustin thank you so much for your guidance, those are the final 2 pieces of the puzzle I was looking for. It’s really weird up here, I tried reaching out on Nextdoor app and no body knew what a “wholesale” is. They thought it is a new term lol. Again thank you!

Quote from @Dustin Tucker:

Hello Doug,  Here is the Arizona Association of Realtors Forms page.

https://www.aaronline.com/manage-risk/sample-forms/residenti...

You will probably need to use the Residential Resale Contract.

For the Buyer as an example use "Doug Teasdale and/or assigns" This allows you to assign the contract to your wholesale buyer. You could also use "Doug's LLC and/or assigns" where Doug's LLC is your hypothetical company.

As for the assignment contract, you can get one from an attorney for probably less than $1,000, you can also make a friend at a title company, they probably have a template they could give you.  

If you are looking at Property Values, use zillow.com, that is what we use to fact check properties values.  Zillow's Zestimate is a good litmus test for the property value.  If you want to get involved with a great training program, try Lifestyles Unlimited, they have over 55,000 members nationwide. 

In the future, either get your Real Estate License so you have access to the MLS, or make friends with a realtor so they can get you comps to get an ARV.

For purchase price, use this formula,  (Arv * .70%)- Rehab = Purchase Price

 Anytime, reach out if you have question.