I’m new to this site and have a question about wholesaling a property I have under contract.
Here are the details:
The property was listed at $180k. It is under contract for $160k. The home is in bad shape but in an up and coming intown Atlanta neighborhood. Older homes in the neighborhood are being renovated and sold for $280-320k. Other homes are being torn down and new homes built on the lots selling for $400k+ (the new homes have not been build/sold yet but the lots are being prepared – and they are only about 10-12 houses down on same street).
How do I locate a developer who will buy the lot to build on? Or should I buy and attempt to renovate? FYI, i’m scheduled to close by end of month and need to act fast. Also, the lender is having issues with the house b/c it is not currently in “good condition” despite the house appraisal coming in above purchase price.
Any thoughts?
Any thoughts