An Opportunity Just Fell into My Lap! What Now?

Question

Hi, I'm new to real estate investing and live in Lebanon Pa. One of the pastors in my church approached me with a FSBO situation this past Sunday. He wants to sell his 4/1 residence in town to buy a bigger home to move his elderly mother-in-law in with them. He also wants to sell an adjacent 2-story rental unit (Duplex) tenant occupied with 2.5/1 upstairs and 1/1 downstairs. I would love to get this under contract but need help with analyzing the deal. I don't know whether to wholesale it or fix/flip. I have not done any deals as yet so this would be my first. Any suggestions as to what to do next? He's open to cash offers.

Tanner Pile · Answer

You should purchase it yourself! This could be a great opportunity to own a cash flowing duplex and give you the experience in remodeling a property. Use the bigger pockets calculators, they help big time! It may be tricky finding a way to get funds for a down payment but this is where you get creative to get your first deal going. If wholesaling is the route your looking for I would connect with other investors and see what they think of the deal.  You got this Alethia!

Jonathan Wyse · Answer

@Alethia Hines

Hello, I am a Realtor in Lebanon Pa and also an investor. Feel free to reach out to me as I could potentially have some different options for you on this as I work with flippers and investors and could help point you in the right direction.

Alethia Hines · Answer

Aye! Yi! Yi! I guess you're right, but they need the cash NOW! I need to find a way to fund this deal if I decide to keep it for myself. Thanks for the feedback Tanner!

Jeanine P. · Answer

@Alethia Hines you may pm me. You need to be careful in wholesaling in PA and may need a license after 1st deal.

Marc Rice · Answer

Wholesaling is short term cash, real estate ownership should be your goal. I'd try to take it down yourself otherwise if you can't then you could explain to your pastor how you'd find a buyer for the house and the buyer would pay the fee (be transparent). You want to make sure you're being upfront with him on what you're trying to do

An Opportunity Just Fell into My Lap! What Now?

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