Advice on this lead I got - Help Needed!
Hello,
My name is Rick and I am new to REI. I posted an ad on Craiglist asking for properties to purchase and within a few hours I got a call from a prospect.
Here is the overview of the situation and I would like to get advice on how to handle:
The prospects turns out to be an investor, but he is looking to downsize his portfolio. He is looking to sell 7 properties and do other things with the money he gets.
The properties are in an area in NJ that is not the greatest, but it is a heavy renter area, where many of the houses are inhabited by renters. The first property is a stacked 3 family house with one unit having 2 bedroom and 1 bath and the other two units have 3 bedrooms and 1 bath, a basement that has 2 rooms and is legal to rent, and 4 car parking in the driveway.
The other 6 properties are single family homes in the same area.
How do I handle this with another investor? He asked me to provide offers and we can go from there. I am a little hesitant because of the area and of course, my lack of experience. I do not know how to determine if these may work for me and I can possibly wholesale them to another investor.
I would gladly share some of the money made on these if I can get assistance through these deals if they are a good deal of course.
I am looking to get back to him ASAP, so any advice and guidance is greatly appreciated. If I did not ask any appropriate questions to the seller, please advise on what other info I need.
Rick Magennis