My name is Edward Figueroa and I am seeking advice on my first property to wholesale in Irving,TX. I have flipped around 5 properties in my time, but never wholesale. Money is tied up for me to rehab this house. The seller has offered his property to me for $60k (my fee is already included in the price). I had my realtor run the comps for me and indicated the ARV average will be $81.95sqft = $124,810 and the max - $101.50sqft = $154,845. I have concluded that the rehab cost will be $30k-$40k. Is there potential there for an investor to be interested? I do not fully grasp the double closing. Also, can I use the TREC contract? Or is there an "assignment contract" that everyone uses.
Oak Cliff Development Ventures, LLC
@Edward Figueroa first you need a buyer. If you have the property tied up you can check your local REI Club for who buys fix and flips, as well as who your competition is. If nothing else look up who did the most cash buying in the last 6 months in that area. You can also go Pro on BP and post it in the Marketplace. Once you have a Buyer you can work out if you assign the contract to him for a certain amount, or if you close on the property and then pass it on to your buyer shortly afterwards. Make sure your buyer is firmly tied up with earnest money so he doesn't back out at the last moment and leave you in the lurch for closing funds. Good Luck
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