Updated 2 months ago on . Most recent reply
Wholesale deal - Due Dilligence Mode
I walked a wholesale deal today with a contractor and I’m in full due diligence mode. He’s putting together an estimate now. The wholesaler is trying to push for a quick decision (which I know is typical), and I want to move fast and smart.
From what I can tell, I’m the only buyer who has walked the property with a contractor so far, so I believe I’m their strongest lead at the moment. I have proof of funds ready and I’ve already asked the wholesaler to send over the purchase contract for review.
This would be my first flip, about 650 sq ft, so the renovation is mostly cosmetic and manageable. The upside is realistic and downside is mitigated since we arent playing with massive numbers; this it is mostly for experience. Not trying to hit a home run.
For those with more experience: what else should I be doing during due diligence? Should I be running title or asking the wholesaler for their title report? How would you use this window of time to protect yourself while keeping momentum?