Hello all. I'm new to BP and exciting about everything the community has to offer.
I'm looking into my first investment purchase but I'm curious on certain analysis and some logistics. I have a neighbor in my townhouse community (which doesn't allow renting) who is looking to get out of her property quickly by a short sale and has yet to list her property. I have been talking to her and hope to get a good deal that I would turn around and immediately sell at market value. Does the 70% rule of wholesaling apply and I just don't adjust for rehab costs? Do real estate agents need to get involved? Could we just use RE lawyers and save on closing costs or should I play it safe and still go through RE agents? Is this a situation to use one agent to represent buyer and seller? I'm not sure of how to proceed in regards to discussing purchase price without agents/lawyers, or the order of things to be done.
I appreciate the time and any given advice!
Welcome to the Bigger Pockets community!
I am sure you will learn more as you go along.
Glad to have you with us.
Short sales can be tricky, they can take quite a long time. The bank likely will want to get more than 1 offer, so your idea of buying it and then selling it afterward isn't likely to happen. At least in my opinion, first step is to contact the bank and see what they say about your offer.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.