Found a killer deal. Now what?
OK, I just posted a new member intro so please bear with me as I'm still trying to learn the ropes.
I found a multi family (3 family) in North Jersey. Asking price is $50K. Just hit the MLS this week. Rental comps show that total rent roll can be $3200 (2bd/1ba, 2bd/1ba, and 1bd/1ba). House needs TONS of renovations, but assuming it's everything internal and nothing structural (other than siding), let's just say all in it'll be $80K. My rough mental math says this is a killer deal. House comps in the area of similar size go for around $150-170K. I would definitely hold onto this as a buy-and-hold , as I'd be clearing the 2% rule (which is bananas in Jersey).
OK so since I found it on the MLS, I clicked the little button that says "contact realtor" about this listing. In the little comment box I said "I'd like to do an all-cash offer contingent upon inspection, please contact me at xxx-xxx-xxxx". No reply. My question is, now what?
Should I go to a hard money lender (since I definitely don't have $50K, nor the money for the renovations) and show him the deal? Do I contact any random real estate agent who services the area and ask for them to show me the house? Do I contact this person on the listing again?