Family member selling property. I am too new to figure out how to make money on it.
1. List property to help a family member sell property
2. Figure out/navigate BP to post property in the correct spot
3. If someone from BP is willing to take me along for the ride on this residential property, I want/need to learn
(Really any residential property, but with this one, I am at least bringing something to the table)
If you are uncomfortable purchasing the property or don't have the means to do so, you can always sell it. This will at least give you access to see how real estate transactions work. It will give you experience working with agents, marketing, negotiations, as well as what buyers are looking for, and then closing and working with a closing attorney.
If you are in a position to take on the property yourself and purchase it, you can always find work with a mentor on BP or even a local REI meetup. If you decide to take it on, I would run the numbers using the BP calculator in tools so you can get an idea if this house would make a good investment property, or if it something you intend to house hack.
Thank you @Chris Tarpey !
I appreciate your feedback and to fill in a few of the blank spaces. It isn't something I want to house hack, as it is too far from work. My eyes are peeled and I do feel that a house hack will probably be my first deal.
I used the calculators to run the numbers a few ways (wholesale, flip, rental), but still green with what I am looking at.
Given that I am focused on a house hack that will work for my first deal, I honestly just wanted to help out a family member. I thought maybe getting eyes on it early would be beneficial. They are doing some rehab on it. Then they will turn it over to their real estate agent.
For some reason, I figured there would be a place to simply place the address and go from there.
Side note: Looks like you are in NC. Are you also investing there? It sounds like things are popping there!
Partner with them and renovate the property to sell as a new flip on the market. You split the profits, you do not have acquisition and holdings costs which is as close to arbitrage as you can get, and they get more $ for their home.
@Ben Brown Yessir! Things are great in NC, plenty of good markets throughout he state to get into investing!
Great advice, I haven't asked them about doing that.
Still plenty? I may have to take a look there. I have a friend out in Batcave.
That's for the help everyone. I found the Marketplace section on BP to post the property.