My First Wholesale..Need some advice!
This is actually my first bigger pockets post so pardon me if I seem inexperienced. To give you a little background of my situation. I am 22 years old and a recent graduate of Rutgers University.I have been helping out a local family with taking care of their elderly mother a few times a week for the past 6 years for very little compensation. When I learned that they were thinking about selling the home (3 Bed 1 Bath Colonial in a very nice part of town) I asked them if they would consider selling to me before they bring it to market. They agreed to it in the condition that we find their mother a more suitable apartment and that they be compensated appropriately. Based on the price that they said they would be happy to receive I think that I can make a profit in the range of 20-35k dollars based on a market analysis and comps if I wholesale the property. My father is a realtor so we have diligently used the MLS to find an accurate price range and have looked at issues with the home to adjust the price. I have a relationship with approximately 10 contractors/investors in my area who have disclosed to me that they would be interested in a property like the one I am describing.
The family has obtained an apartment and are in the process of cleaning out their home. They have disclosed that they will be ready to sell by the first week of January. I would like to know what steps I should take from here to make this transaction happen as painlessly and smoothly as possible. I am close to the family so I do not want to cross any lines or upset anyone.
I remember on an episode of the BP podcast I remember a woman who uses double closing to keep the transaction neater. I am interested in doing this but I do not want to bite off more than I can chew and risk losing the deal and hurting any relationships.
Any advice or ideas about the situation would be great! I am a new graduate so my income situation is not very consistant. I have about 10k in cash reserves so if I can make this deal happen it would be amazing. I am confident in my ability in my knowledge of real estate and Im ready to take a risk if it is calculated.