Updated over 14 years ago on . Most recent reply
Possible Lead - Advice For New Investor
I am a new investor, and I have a lead on a property that I know looks to have a lot of criteria to be a good deal:
-payments are delinquent
-owner is out of state
-owner is an unwilling landlord
-owner tried to sell the house 3 years ago
-some repairs are needed
-its in a decent area
I have all this information because my friends currently live at this house and they received the delinquency notice.
What I was wondering was what would be my best course of action right now? I can probably get the owner's contact information so that I can call/send a letter. I do not have any financing set up, although I have the contact information for several hard money lenders.
If I bought this house, I would be looking to wholesale first, rehab second, and rent as a backup.
I have gone to some REI meetings, so I have basic contacts set up, however, I am not fully prepared to make this a full rehab. However, I knew this sounded like a deal and I would slap myself if I missed it just because I "wasn't ready." Any advice would be appreciated. Thanks!