need some help

Bird Dogs, Wholesaling
1

I found a property 3 bed 1.5 bath. Asking 59,900. Look at the pictures. It needs a full gut to me. I know the home in the area got to sell for more than what there asking. I check it out on zillow just to get a rough estimate of what the home values in the area are.

I know that is not the best way to get comps. Anyways the value of the homes in that area between $166-189k

I called the agent. I asked if the home was a reo. He said yes. The bank has 3 offers and hasn’t responded yet. Its been on market 40 days.

I told him I need to do some more due diligence and will get back with him If i decided to put an offer in.

I think this is a possible wholesale reo deal.

Problem is I don’t how to submit an offer.
Dont have any end buyers lined up before hand.

Maybe im barking up the wrong tree.
Anyways let me know either way.

I am newbie who has been reading and reading and reading. Ready to make a deal happen

2

First off, are you in a position to put up a deposit which will probably be $1k to $1500, and can you afford to lose that deposit if you can’t wholesale it? If not then don’t start with REOs.

3

Like nsu said, don’t make the offer if you can’t see it through. Foreclosures, REO’s, and the like are just about the worst way for a new investor to break into this business.