I found a property for $84,900, after finding a property what is the next official step to wholesale this property?
I suggest you do some more research on wholesaling check out Max Maxwell on youtube and watch all his videos, But if you want, message me with the address and ill tell you a ball park range of what its worth with the MLS
So if you already know the ARV work backwards ill do an example here lets say ARV is 100k next your going to minus 30% for your investor. You are now at 70k, Now subtract repair cost, lets say another 30k. Now your at 40k, subtract 5k for the realtor once your buyer sells and also 5k for closing cost on the buy and sell. You are now at 30k. Now your job is to get this property under contract for 25k then find a buyer and be transparent as possible and assign the contract for 5k. Your buyer will be all in for 30k and you will make 5k at closing.
To wholesale a property, you must buy at deep enough discount that you can sell to an investor who can rehab and also make profit.
To buy and sell ANY property, you must know:
- The true after-repaired-value (which you cannot find on free sites like Zillow. Those Zestimate values are all over the place...)
- The needed rehabs and those costs.
- How much you plan to sell it for.
If you don't know those numbers, don't buy.
@Micquel Bernier find someone with experience in your market to co-wholesale with and split the profits until your confident in your abilities.