I found a motivated seller
Hi @Maria Knott. Congratulations! Next you need to determine if the price your seller wants is less than or more than any serious investors would be willing to pay:
- If more than, you must either get a better price or move on.
- If less than, then the price needs to be low enough so that you can sell it to an investor, pay your seller, and collect the difference as your wholesale fee.
This is an open-ended question. What are you trying to accomplish? Buy and Hold? Flip? Wholesale?
Real Estate has a lot of methods, no one can give you a straight answer unless you ask the right questions.
Everyone is a motivated seller at the right price. You need to figure out how much this individual wants and how much the property is worth. Without these 2 numbers there aren't any next steps.
Wholesale! Thanks very much everyone!
Congrats!
1- make sure it's true motivation and not just "seeing what their house is worth"
2- negotiate price - make sure price fits criteria (ie- total repairs, your profit, rehabbers profit, and can sell close to or slightly below comps) Mr. @Mitch Messer gave some good tips above!
3- put under contract (can search online forms for exact contract language or find one that is plug-in-play)
4- find rehabber or other investor (craigslist is great to start)
5- assign the contract to them with your profit built in (ie- you buy for 80k and assign for 90k, you make 10k)
6- collect check
Easier said than done..but not by much! You can do it. Keep reaching out and asking for help, tons of people willing to help/ encourage.