Wouldn't you know the week before we started our marketing here in Wilmington, Hurricane Florence blew in. With that said, we went ahead and went forward anyway. We have had a few calls from sellers who own their homes without a mortgage, which is great but as in the case of the one we are going to see today, have roof damage from fallen trees, which entails at least 5 days of rain into the home.
I plan to wholesale the property, has anyone had any experience wholesaling properties with substantial damage? If so please forward your advice~!
Thank you in advance~
it's honestly no different than wholesaling any other property. Just make sure you buy it for a price below what you can resell it for.
That's what wholesaling is - buying damaged properties deeply enough that a rehabber can purchase from you, do the repairs, and make their own profit when they sell.
What you need to know before you go is the ARV (after it's repaired value). Do you have good comping sources?
Then you view the property to determine what repairs will cost.
With that information, you should be able to determine your offer - again realizing that you plan to mark it up and sell to someone who also intends to make a profit.
This is what I do every day. No, this is not an unusual or unique opportunity, you just need to know what you're doing - like with any area of real estate investing - and you MUST know your real numbers.
Good luck to you!
i’m always looking for new opportunities in Wilmington. Please PM me with details.