Updated over 4 years ago on . Most recent reply
Wholesale deal analysis
Hi! Question. I found a distressed property in a more upscale area that I drive by every day. Haven't met the owner yet but plan to. But I did some background homework on property. The ARV is ~400k. I know from the register of deed office that it got a mortgage loan adjustment in July of 2019 for 290k. The pre-foreclosure process started middle of 2020. The home is now abandoned. The owner actually lives in my apartment complex down the street from the home according to the tax assessor office. So the question I have is is if I get the home under contract for 295k let's say that's what left on the loan. And try to sell it for 310k. Are the numbers good for an investor to want to get interested in it or does it come down to the rehab costs which let's say at the very minimum would be 15k but could be a lot more. This would be my first wholesale deal. Honestly never thought about wholesaling always wanted to start out house hacking but I would hate to see this deal go to the bank. The person has "owned" it since dec 2007 if that gives an idea of the updates it might need. 4 bed 3 bath house. 4 car garage in kernersville Nc. If that helps as well. Thank you for you time and assistance
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You tube...plus Jamil Damji and Ty Taylor also do comps on youtube. Jamil does his comps the way Appraisers do. Check them out when you getva chance.