I am planning to view a potential wholesale property in Oaklyn NJ. My goals are to wholesale/flip a few properties until I reduce my personal debt by about $50k; thereafter I will flip and hold full time with full intentions on leaving my secured fulltime job (errr). I may be viewing my first property within a week if the current epidemic doesn't stop it. This would be my absolute first deal and I had intended on flipping my first job but this wholesale opportunity fell into my lap. Where is the best place to get a free contract? Also, should I pay to have a contractor go with me to view the property for repair estimates or overestimate my guess? Any suggested sites on the best place to post the job? Does paying sites offer more of an opportunity to close a deal? Is there a site where I can get a decent check-off list while walking through the property on what needs to be worked on. Thanks in advance.
I'm interested in more details about this property if it's located at least 3 blocks east of rt 130 (properties closer can be hard to sell and properties west of rt 130 are in the Woodlynne neighborhood, which is a different set of comps). I'd be able to estimate repairs and if you can negotiate it lower than my MAO, that's all yours. My partner and i are looking for a modest profit, not a killing. I'd be available on March 31st or later, and would ask to keep reasonable distance from each other while at the property. I live in the area, fyi.
I sent you this message with a connect request!
Congratulations on getting this far.
Before you can really consider this an opportunity/deal, you have to know your basic numbers and get a commitment from the seller that has the potential to work. Have you spoken to the seller, and are they motivated to sell their property at a discount? Have you talked to them about their situation, how you can help, the condition of their property, how fast they want to sell, and any idea as to what kind of money they're looking for? You can get ALL of this done on the phone before going to see the property, and it would be a good use of your time.
@Alfonzo Roberts Congrats on getting started on your investing career! Im curious to know if your appointment got rescheduled due to coronavirus.
To answer your questions, the contract you should be using is going to be the state promulgated purchase and sale agreement. It should be available for free. Yes you should absolutely pay a contractor to walk the property with you to give you the most accurate rehab numbers. Also make sure you get good comps to determine an ARV. I imagine it will be a little more difficult in the current climate, not sure how many investors in your state are actively buying. If they are Im sure they are looking for steep discounts.