Found my first really good deal, but I don't know what to do next

2 Replies

I think I found a really good deal. A foreclosure that look like it might just need some cosmetic work done. From what I learned on here is to overestimate the cost of rehab, but here are the details.

House is going for $229,000, Zillow home value estimate $370,460. 3 bedroom, 2 bathrooms, 1,848 sq ft, near a cemetery, on a major street. Window replacement, carpet replacement, yard work, need to paint the walls, patch up a hole in the dry wall. No cracks on the wall and no visible water damage on the roof. Neighborhood is okay, not the best. Houses around there go for about $330k to $360k. Been on Zillow for 30 days. Located in California

I don't have any capital, but maybe I can wholesale it. What should I do next?

@Kevin Phan If your numbers actually add up you might be sitting on a potentially good deal. Now, you need to find investors and then put the house under contract. You could try networking at local REIA meetings. You could also try taking out a loan. Hard money loans are also a good option. There's always family and friends as well. When you have a good deal everyone is a potential investor. Check out your state laws on unlicensed wholesaling before moving forward with this deal.

Good Luck!

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