Newbie Question(s): Buying from wholesaler from out of state

[Donnie N.]

Hi,

I’m new to this whole process. I’m looking for some advice and help. Here’s where I’m at:

1) I’ve found a wholesaler that has properties in Indiana that they’re selling.

2) I did the math and the returns makes sense.

3) I’m in the process of negotiating the purchase.

4) They’ve sent me the purchase agreement and my lawyer has looked at it.

5) I’ve went back to the wholesaler and requested some additional documentations. (disclosures, survey, inventory of the rehab that has been done)

6) I’ve also checked on (https://msc.fema.gov/portal) and (http://www.floodtools.com/Map.aspx) to make sure the property is not in a flood zone. {it looks like it’s not}

So here are some questions:

1) I didn’t get any other documentations regarding the property aside from the purchase agreement. Is that normal? If not, what other documentations should I be requesting?

2) My lawyer says that there’s usually a set of documents when purchasing properties. (I’min California. My lawyer is more familiar wth California.) So does anyone know what the standard sets of documents that I should request? I would assume at least a survey to outline the property line and structure dimensions right?

3) My lawyer also says that I should conduct a inspection from an independent local inspector. Anyone has any idea on how to find one and what is the typical cost? (It’s not a big piece of property. Standard single family home.)

Thanks in advance for any help. Happy to discuss in more details if you just want to drop me a direct message.

Thanks,

Donnie

P.S. Sorry for the duplicate posts in the other threads. I’m still new to this site and I’m not sure how to get the best response yet. 

[Mindy Jensen]

@Donnie N. , there are some really awesome parts of Indiana. There are some really AWFUL parts of Indiana, too.

It is worth a $250 plane ticket to check out the area before you buy properties.