I have a lead for a 94k home. It is an investment property. I saw it on a sign.
Do I call and ask to see property?
How do I determine repairs by myself?
I need a step by step example please.
@Grant Mone Do the numbers work? find that out and you will know if you have a good deal or not.
Ok. Are you looking to wholesale the property or fix and sell it yourself? Or are you looking to keep?
Either way, first you will want to determine the ARV- After Repair Value of the property. This will help you determine if this is a deal or just a property that belongs on the regular market. Unless the property is being offered at a nice discount, I don't think you would want to get involved.
After that, you would ask to see property and try to get an idea for how much work needs to be done. Then you either wholesale it, or put the work in yourself and sell for profit or keep and rent out.
If you give me an idea of what you are trying to do, we can take it from there.
I am trying to wholesale. I need to get my credibility going and actually start my Investor career.
So I would look up the address and see other comps in the same area?
If i'm brand new to determining repairs should i also bring a contractor with me?
@Grant Mone If your not RE agent then you can look up comps by going to zillow.com or realtor.com. Put in the address and see what houses are for sell and what houses has sold in the past 30day. Then find 3 or 4 that match yours as closing as possible.
You can have a contractor come with you, or you can also go to the doc. section here on BP and download an itemized repair list. When you go to the property take it with you and start checking off things you believe need to be repaired. Then go to Lows or Home Depot and start pricing out the items.
I hope this helps!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing