Some questions about a potential deal
Hi guys,
I've been working on a deal off my mailing campaign for about 4 months now. I believe I'm getting close to get the contract, so I need to lay the ground and plan my actions once it happens.
This is a pre-foreclosure property with the first court date set for next week. After doing all the possible maths the only thing that makes some sense here is to sell it at a lower price to a possible end buyer or a rehaber willing to take something with no much margin. (fix and flip is not worth it for me neither holding it)
Numbers:
Purchase price: 85K (no room here because of the payoff)
ARV: 117K
Repairs: 10K-15K (from pics and from what I've been told by the owner)
Location: Kissimmee, Orlando.
Goal: Wholesale it during the inspection period at 95K
Questions:
1- I am located in Miami, so showing will be an issue. Any ideas on how to solve this other than moving to Orlando for two weeks?
2- House is occupied, so I suppose I need to be totally up-front with the seller and tell them that I will be trying to sell the contract right after we sign it. Any big issues here?
3- As I will be targeting end buyers I'm expecting a good number of showings, many will be tire kickers as in any open house. How can I weed them out and reduce the showings to get the real interested buyers? I am concerned about the owners seeing 10's people marching through their property
4- Any other suggestion will be greatly appreciated.