Hey Bigger Pockets,
I recently became a part time agent and I have an opportunity to purchase a coworkers house off market. He's looking to close fast which is part of the reason he wants to sell it off market. Ive been in the property, ran comps, and gotten quotes on what I see it needs before an inspection. As the house sits I believe I could purchase it and sell it the next day for more than 25k over my purchase price. Or fix it and walk away closer to 50k. My question is lending. This deal fell into my lap and I haven't established a relation with any hard money or personal lenders in my area. Does anyone in Boise, Ada, or Canyon County have any recommendations? If I can't close soon he will end up going with a local wholesaler "guys from the radio".
Also for any experienced investors,
How would you have handled an opportunity like this? I would hate to see an opportunity like this go away, but I want to be more prepared for future deals.
Hi Vince - Congrats on the license! We need to catch up! Does he have debt on it? I imagine so, but if not you could discuss seller financing. You can also help him close fast as an agent with another buyer if price is right. If he winds up intent to go the wholesaler route - there are some solid ones here in the Valley that you could direct him to.