Updated about 6 years ago on . Most recent reply
LaGrange KY Wholesale Possibility
Background: I have been investing in Louisville Kentucky (south and west) for a few years. I have a SFH in La Grange I used to live in that I now rent and it does great. It is much harder to cash flow but appreciation and quality of life considerations here in Oldham County make it where I want to invest. I've been trying to find more houses here through letter writing and networking and have had some success. I am closing this week on two SFHs that I like. My problem / opportunity is: I have a third deal that I can no longer afford to pull off with existing financing and I fear 3 houses at the same time is more than I swing sanely, even if I figured out the money side of things.
The House: I have a verbal contract on a house in a gentrifying neighborhood in LaGrange I have been targeting, right next to my existing rental house. Much of the value would come from a double lot that could be split. By my estimate, the ARV for the house and the lot, after about $20K of work would be $145K and $35K. I could wholesale it for $115K making a few thousand but not having the headache or risk of the flip.
I know people do this... my questions to anyone localish:
What do I need to do to do this legally? I am not a realtor.
Where do I find buyers? I figure I'd need to find someone local but I don't really have any network.
The seller is eager for a quick sale and I don't want to put her off for very long but I told her I'd need to find another buyer. She thinks the MLS would take too long and require repairs. I am really only interested in buy and hold but thought I could learn something and make some money wholesaling this if it's feasible.
Thanks in advance for your help.