I learned that a relative has an out of state property that she may sell as it is her vacation home that is becoming unfeasible for her to keep (due to cost of taxes, upkeep etc.). I would like to help her by wholesaling it, but she is a bit reluctant and is also thinking of renting it.
My question is: How should I approach this for a potential wholesale or should I at all?
I have located a title company that closes wholesale deals in the area, but how would I inspect the property as it is very far away?
Other details on the property are as follows:
-Location: Prescott, AZ, single family, 4bed/2bath, just over 2000 sq ft, built in 1983.
- Comps have sold between 320,000-350,000
- Repairs not yet known
Overall, I'm wondering what steps to take on this potential deal if any, especially considering it's out of state? I get the sense my relative is pretty eager to do something as she is stressed with the expenses, but she is just not sure what would be best....
This might be a better deal to bird dog. Reach out to wholesalers in the town and see if they could do anything with it.
Thank you. When bird dogging, how can you be sure you are compensated for your find? I'm new to wholesaling...
I would make sure she is aware of the potential profit loss she may incur by wholesaling it instead of listing it with a realtor. I wouldn't want that to come up in the future and potentially ruin a relationship with a family member if they felt like they were taken advantage of.
I'd be interested in looking at the deal. Send me some more details.
Thank you all for your helpful advice and I will be intouch if further assistance is needed.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!