I wanted to ask about the initial meeting of the wholesaler and seller and the offer I make on a house. So, I do my marketing then a motivated seller calls me to see the house the following day.
If it's a 3 bedroom and I conduct a house inspection, how do I know the value of the house or the price I should negotiate?
My other question is, do I actually do the inspection? I am thinking it's the certified inspector who would do an inspection. I've heard of people putting a provision on a seller's document that it is subject to inspection. Any help would be appreciated, I will be marketing this week.
1. What is the value of the property
2. What is the price ask the seller what he is looking for?
3. What work does the property needs
Here is a link that will help you out when doing wholesale deals. I created it several days ago.
First, you need to understand how to analyze a deal. To do this, you need to be able to ascertain a two key items:
1. Resale Value (ARV)
2. Rehab Costs
With that information, you should be able to do a reasonable analysis of the deal. See here for more information:
If you can't determine ARV and/or Rehab Costs, you'll need to find someone who can help you -- preferably a great real estate agent and/or a great contractor.
Jerald & J,
Thank you so much for expertise, it was very helpful and will help me save a lot of time.
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