Hi all, novice wholesaler here, just got my first home under contract, a fixer upper in houston, tx that needs about $3-5k in work. I have it under contract for $10k, but have no buyers’ list to speak of, only calling “We Buy Houses” ads. The ARV of the home is $45k. What’s a simpler way to go about this? I was under the impression Houston was still a solid market?
Also, I found a new construction I have under contract for $13k in Austin, TX. Apparently worth about $250k. How does a person who is self employed with no credit get an equity based loan? None of the Hard Money Lenders on the site seem to be willing to do that.
I live in NC, invest Nationwide.
Just Google “Houston Real Estate Investment Clubs” and you will find some excellent links.
So you’re just sitting on about $250K worth of profit?! :shocked …Have you tried this company? http://www.capitalplusinc.com/renovatedHomes_Houston.html. They are based in Dallas but have a branch in Houson. I worked with them before, they act quick if you’ve got your ducks in a row.
If your numbers are correct you should have no trouble wholesaling this property to any investor for $20000 to $25000. ($145000 - 70% - 5000 = $26500) Prepare a flyer showing the numbers and pass it out at your local real estate club as suggested by the previous poster. For example
Location and description of subject property
Repairs Cost: $5000
Potential profit: $15000
Provide sold comps (if possible), etc.
Good luck! Hope this helps.
I am curious about the property you have in Austin?