I have a deal what's Next?

Question

So I got a property under contract in Santa Barbara county California. Total noob post but I kind of don't know what to do next do I open escrow or first find a partner. I'd love to brrrr it or flip it because I love this process. On the flip side it can be a wholesale deal to get me going. What would you do?

Shawn Morey · Answer

Vanessa! Congrats on finding the deal!

First off get it under contract so that you can either wholesale the deal to an investor, or find a partner and take down the deal yourself.

Where in Santa Barbara is the deal? I am born and raised there, grew up in the construction industry there and have done many deals myself in the area. The city has gone through a lot the past few years with the natural disasters and it has affected the values in certain areas.

I would love to talk more about the area, and help you with the deal in anyway that I can.

Coral Hernandez · Answer

@Vanessa Benavidez

Hey Vanessa that is awesome you took the first step at getting into Real Estate. I want to congratulate for getting out of the classroom and into the field.

I would say you have a good problem on your hands and that of an entrepreneur looking to succeed.

Contrary to others belief you have a plethora of options (exit as well) to closing or finalizing your strategy with this property.

I'd say your network of Friends and Professionals are good to lean on for advice.

Depending on your financial situation and partners or lack of, will determine which direction to take next.

Let's Connect

Zach Rucker · Answer

@Vanessa Benavidez

Try to find an experienced partner that could bring the money and help you with the deal. Or find a hard money lender. But I would really recommend finding a partner.

If you can't find a partner or the money then yes try to wholesale it.

Vanessa Benavidez · Answer

@Zach Rucker I do not have the money to buy it. The property needs about 25k in repairs

Vanessa Benavidez · Answer

@Allen Maris yes this is a house I do not have the ability to buy it with cash or a loan

Zach Rucker · Answer

@Vanessa Benavidez

Congrats!

Like Allen said, do you have money for the deal?

Do you know how much renovation needs to be done and the cost for that? If not I would get a contractor over there and get some estimates.

You could also find a partner that could mentor you through the deal.

Allen Maris · Answer

@Vanessa Benavidez, Congrats! That's a big step forward!

A couple of questions. Assuming this is a house? Do you have the ability to buy it with either cash or a loan on your own?

You won't be able to delay opening escrow for too long, people get antsy about that sort of thing. So you'll be ultimately doing everything concurrently.

Feel free to PM me and I can give you my number to talk through it.