Possible first deal, I have questions?!?!?

General Real Estate Investing
1

So I found a house that has been on the market for quite sometime now. I haven’t contacted the Realty Company yet to get more information as they are closed. The stats on it from what I found on in public records are as follows: 188,5k (estimate), sngl fam, 1571 sq. ft., .95 acres, 3 bd, 1 bth, attached 1 car garage, fireplace, built in 53. Estimated value range is between 160k-207k. Now, from the looks of it the house needs new windows, new siding and possibly a new roof for starters. The landscaping isn’t all the best looking, the driveway is not paved and it is not fenced. The shed in the back may sit within the property boundaries, but it looks like its in shotty condition. Obviously I still have a lot of information to get from the realtor ie…

      1. Asking Price
      2. Property Value
      3. Repair Costs
      4. Repair details
      5. Mortgage Balance (If applicable)
      6. Mortgage Payments (If applicable)
      7. Reason Why the seller is Selling and their motivation to sale.
      8. Comparables
      9. PHOTOS
      10. Full Address and contact INFO of Owner

Are there any questions I’m missing from this pot that I should ask about?
I’m still learning this processing on wholesaling. I have been trying to contact my mentor for a few days, but haven’t been able to get a hold of him for advice of any sort, so any advice anyone can give me on here would be very much greatly appreciated. Thank you for your time!

2

Are you looking to buy as an investment or to buy for wholesale?

I think you’re on the right track for the ten questions listed. Based on the repairs listed (windows, siding and roof) I wouldn’t bother asking additional questions until you first find out the basics of how much the repairs are estimated to be, what you think you can purchased the house for vs. what its mkt value is likely to be. Thats usually sufficient info to at least find out if more of your time should be spent doing additional research, etc.

3

I am planning to use this as a wholesale deal, maybe. I have never done one of these and like I said, still not sure about the whole process. I have another rei meeting/seminar on saturday, so hopefully I can get some more insight on this. If not, I’ll find another, more experienced investor to bird dog it too for the chance to sit in on the deal observe.