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.
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
Photos
Price: $25000
Repairs Cost: $5000
ARV: $45000
Potential profit: $15000
Provide sold comps (if possible), etc.
Good luck! Hope this helps.
I am curious about the property you have in Austin?