How do I wholesale this out-of-state deal?
Okay, story time:
I live in the LA area and know a fellow Angelino who has a property in Kansas City, MO. This gentleman's house isn't renting and he tells me how much of a burden it is. I check out the place on Google Maps and do a quick free Realquest search. Estimated ARV is $44,000.
Owner says it can be easily repaired for $2,500. I believe so too because the repairs he's describing are minimal. The windows are boarded up but still have in-tact windows throughout, place needs a new water heater, floors may need rebuffing. Really basic stuff.
It's kind of in a rough neighborhood so he agrees that he'd let it go for $27,300 (factors in repairs and my share). Great! Priced to fly, right? Well, trouble is, I'm in LA and so is he. I know where/how to market it but once someone accepts, how do him and I close with the buyer if we're not able to be present at escrow in Missouri? Also, what do you think of the numbers?
Sorry if this seems too basic of a question but I'm not familiar with the process and I'll continue to be ignorant if I never ask. I’m very curious how one deals with this situation. I’m eager to learn and I’d like to close this deal ASAP. What do you think?