We found a home that could be renovated and held, but were looking to build our capital for now so were thinking of putting a contract on it and just wholesaling, however we have a ton of questions about the process, like;
1. How do we get an accurate valuation (who all can do it)
2. How do you comp such a property (its a 5br/3ba SFH, thats been split into a duplex, on 1.37acres, zoned business but last used as a residential)
3 We want to put a contract on it with contingencies regarding the inspection, partner approval and also an assignment clause. (Is that some things I can download or draw up myself of should I seek a pro?)
4. Once a contract is on it, how am I supposed to show/advertise it?
There are some contracts in the BP file place, however, I would have an attorney look them over just to stay on the safe side. I just have an out clause in my contract that pretty much says we will walk on the deal if my investment partner (cash buyer) doesn't agree with the purchase.
As for the comps, I would use J Scott's guide to evaluating ARV which you can find on BP as well. As for marketing, create a flyer with a simple analysis and a few pictures and email blast your cash buyers. If it's truly a good deal, you should have no problem finding a buyer.
If you upgrade to a pro membership you can download them from the fileplace right on here. I have had an attorney look over the popular ones and he said it was great. I have used the contracts on multiple wholesale and even standard purchases. It's a great investment. You could contact a local Realtor who works with investors (look on here for a Realtor in your area) and simply ask them to run comps for you. If the property is vacant their should be a clause in your contract giving you 24 hr access and keys. If it is occupied film a video walk through be honest with what it needs/doesn't. For marketing use postlets.com which will syndicate your ad to a dozen or so major websites. You can also put an advertisement on CL with something like "Tremendous investment opportunity!". Make it kind of vague and don't give the address. If they contact you they can get more information.
oh man, the LBG, my home town, great questions. U can get in touch with Raphael Calloway, he's a good realtor there..
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ALso, u can get a membership to realquest.com or become a realtor. your 2nd q is a tuffee, i'd stay away from houses that are zoning is being violated. You never know when/if the city could drive by and slap a sticker of no occupancy, but you're wholesaling so won't matter. I'd just market it at the investor price of what it's currently being used for, not original intent. we can get u a contract if you can't download one here. the last Q, advertising:
-list your contract on the MLS for sale
-"Investor special house for sale, cash, cheap", 555-1212- bandit signs (my fav)
-section 8 landlord list
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