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Updated about 7 years ago on . Most recent reply

User Stats

24
Posts
11
Votes
Matthew Rodriguez
  • Realtor
  • Hialeah, FL
11
Votes |
24
Posts

Creating cash out of first deal

Matthew Rodriguez
  • Realtor
  • Hialeah, FL
Posted
Hello BP community! I am trying to do my first real estate deal and am wondering how to structure it. I have found a property for $295k in a nice neighborhood with an ARV of $385k the seller acquired through adverse possession. I cannot purchase the property myself as I do not have the funds for it. However, I have found an investor whom I’ve showed the property to and is interested but needs to get inside for the contractor to give a repair estimation to get actuals. How do I set this deal up so that I can ensure I make money as the finder? Is there a contract I fill out? Thank you! Any details of how to close this out is much appreciated!

Most Popular Reply

User Stats

24
Posts
11
Votes
Matthew Rodriguez
  • Realtor
  • Hialeah, FL
11
Votes |
24
Posts
Matthew Rodriguez
  • Realtor
  • Hialeah, FL
Replied

@Jonathan Taylor Smith  Thank you! That was the precise advise I was looking for. Any other tips for actually filling out the contract?

@Yiftach Ilyov   I will have to do a walkthrough with the contractor. Though he was telling me it's impossible for him to give 100% accurate repair estimates without looking behind the walls. Any ideas of how to give a PRECISE repairs estimate? Also, if the investor wants to get keep getting cheap houses from me, then she won't cut me out for a measly couple thousand dollars I hope. If not, then I just won't send properties her way in the future :) 

@John Thedford I have a real estate license. I am a newbie, but this would not be illegal for me to do. Also, how do so many wholesalers get away with it without being punished if this were illegal?

\\\\ Thanks all for your replies! Love to hear from people more experienced than I!

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