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Hello guys I need some advice please. Friday I found an agent. I feel comfortable with her and her knowledge so thats great. This morning she called me with a good deal on a house with a motivated seller I am going to check it out today after work. But here is my dilema I have NEVER done this before I haven't even finished one of Dean's book yet. I did go to a 3-day workshop so its not like I am totally blind walking in but I don't want to pass this up IF its a good deal. Any ideas DG family?

I went to my first landlords meeting last night. I learned a lot that I did not even think about.
There is much more to learn about renting especially in the city.

I live in Washington, DC. My cousin lives in Harlem NY, he's gotten sick and fell into a coma. His chance of recovery is very slim. He has a condo that his siter says is worth $350K. the property has two delinquent mortgages, she has just found out. My cousin his sister who lives in NY wants to hold on to the property, because of where its located.

What would be the best plan of action for me to purchace this property. Lease Option with her as tenant or finding and investor?

Day 46:
I was dealt a horrible blow at the RE agent's office today. After 45 days of doing the Blue Print, I am no closer to getting an agent as I was when I first started. I did, however, get a list of cash sales and was able to see where the investor's were.

I went looking at 6 properties today with my REA - narrowed it down to two. The first one went under contract while I was walking through it and the 2nd went under contract the night before. This seems to be a trend for me. I am thinking a new strategy is in order...

Since I am a cash buyer I am thinking to make offers on new listings without viewing the property. Of course my REA will need to contact the selling agent to get info on conditions of the property such as roof, plumbing, windows and such. I will go with the assumption that it will need 25 - 20K in rehab.

The offer will be contingent on an inspection so that I can back out if it's too much or not enough profit margin.

I received an email from a gentleman marketing one of my properties I have on contract. He's actually from another state. I believe he came to me through this site (there's a tip). One simple question in his email...

What are the estimated rehab costs?

That's a great question. As a wholesaler you will need to estimate rehab costs. It's not all that complicated. I'll get into that on another day. For now I wanted to explain the two types of rehabs.

1) Fix and sell at market value.
2) Fix and rent then sell later.

You will find most rehabs come down to these two categories. Obviously some investors will fix houses in nicer areas just to compete with the market, but more times than not they will probably skimp in order to maximize profit.