First property under contract... Now what?

13 Replies

Im from New Jersey, partnered up with a local real estate agent who had a client from PA who is currently living out of state. Long story short prop. under contract but now I have no idea what to do next. This is my first wholesale deal any suggestions for dealing with an out of state property as far as the legal side of it goes?

Do you have access to the house?  Start by showing investors the place and take in what they say and understand what they're looking for.

If its a deal, people will be interested.

How does the realtor fit into all of this?  Is it still listed with her?  May complicate things..

Yeah I would get more info on how the Realtor fits into the equation. Once the property is under contract it's time to market like crazy! I don't know if you are part of any REIA's but those are good places to start off with, then postlets, cragislist and if it's a good deal the buyers will come. Then you go from there, sign contracts, EMD to title company, then settlement.

Good luck!

I do have access to the house it's vacant. Not too much work needed but I think I may have offered a few thousand dollars more than I should have. The Realtor is a family friend she is not taking part in this deal just had a client who was selling their house and needed money asap. However I will be paying her for the referral!

@Andy Rivera

If you have success on this deal, build on it and become a sponge in your learning.  

If you don't have success, recognize that you can't begin a trip without knowing the destination and the best route to get there.  With no disrespect meant, the time to learn about the steps for any investment strategy is before you get a property under contract, not after the fact. 

I do wish you success.

I appreciate all the help and advice thanks everyone!

What are the details? SFR ? Where .how much?

Hi Andy,

There is nothing like learning from real exercise. I wish that you make money from it, but if not, it will be cost of learning.

Meanwhile, where is the propert

Originally posted by @Burak Arikan :

Hi Andy,

There is nothing like learning from real exercise. I wish that you make money from it, but if not, it will be cost of learning.

Meanwhile, where is the propert

 Thanks for those kind words Burak. The prop. Is in Reading P.A.

@Andy Rivera Can you send me some details? I'm local, may be interested myself or know someone who is.

@Steve Oxenreider ,

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Raymond

Hi Andy,

Reading area investor here. You've got mail.

--Josh

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