So I have a distressed seller. Wanting to sell off a 1700 sq ft. Historic building in my downtown area. I want to wholesale it. I need someone with some experience in this area to give me some direction.
@Ben Valdez You first need to do your due diligence on the property to know where the owner stands. How much is owed on the note? What is the motivation for selling? What price will they take? Is that price a good deal for a end user given the repairs needs? You also mention that it is a historical property, are there restrictions on the type of work that can be done? Are special permits needed? Once you know every little detail, you will know how to proceed.
There is no note on the property. The owner has run out of her inheritance. She doesn't have the funds to keep the uptake. She is losing money as she rents the 1800 sq feet for about 2 grand a month. The building would be a prime location for a developer to make executive suites for professional offices as it is literally blocks from the court house. All attorneys want office space down town.
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