I got my first property under contract over the weekend! I can hear the clock ticking down in my head...hopefully I'm prepared to see this all the way to the bank! Here are the details:
My Exit Options:
- I have 5 buyers who look for flips
- I have 2 other wholesalers who have buyers
- I have 4 For Rent leads (not yet contacted)
- I have 1 Lease-Option tenant who is looking for repairs
This doesn't look like the GREAT deals we're supposed to be finding (my max was $35K, however, I wasn't going to turn this price down if I can wholesale it!), however, I have to see if my buyers are interested, right?! I will be calling the For Rent leads today to see if they are buyers (or sellers!) and see if this may be a deal for them. I scheduled 2 local handymen to come by Monday to give me better repair estimates. Then I will advertise my exit options in the order I posted.
I'm super excited and I'm confident I can find someone to take this off my hands! If anyone has some insight or questions, feel free to post below!
I got my first property under contract over the weekend! I can hear the clock ticking down in my head...hopefully I'm prepared to see this all the way to the bank! Here are the details:
2/1 740sq.ft 81 years old - Bungalow/cottage
ARV: $82K
Repairs (estimate): $10-15K
Contract Price: $45K
Rent: $900 /mo
Tax, Ins., Maint.: $200 /mo
Cashflow: $700 /mo (positive)
Exit Strategies: Rent or Flip
My Exit Options:
- I have 5 buyers who look for flips
- I have 2 other wholesalers who have buyers
- I have 4 For Rent leads (not yet contacted)
- I have 1 Lease-Option tenant who is looking for repairs
This doesn't look like the GREAT deals we're supposed to be finding (my max was $35K, however, I wasn't going to turn this price down if I can wholesale it!), however, I have to see if my buyers are interested, right?! I will be calling the For Rent leads today to see if they are buyers (or sellers!) and see if this may be a deal for them. I scheduled 2 local handymen to come by Monday to give me better repair estimates. Then I will advertise my exit options in the order I posted.
I'm super excited and I'm confident I can find someone to take this off my hands! If anyone has some insight or questions, feel free to post below!