Hi I’m new to the forum, I want to do wholesale in Minnesota,any advice? I have never done a deal and I may have found one, is in a very nice area by the lake in really nice condition is a 4,000+ sq ft. built : in 1982, 4 bedroom, 5 bathroom, 4 fire places,a pool, 3 car garage with all the ammenities is being sell by the owner and finace by the owner, with a price range in the 560.000 but my question is how can I come with an offer and secure the property to shop around for a buyer?
Please help can this be a deal that I want to get my self in to…
Homestead or non-homestead is normally a property tax status: Homestead - status provided to a homeowner’s principal residence by some state statutes to protect the home against judgments up to specified amounts (there is a link to a real estate Investing Glossary in the left margin)
A property that is listed at $560K with a market value of $520K is a HUGE loser. How would you make money on a house that is priced at $40K over its value?
Right now, very few people have enough spare income to invest in a vacation property. Of those who do, even fewer are willing to risk a big purchase in this economy, when nobody knows how long their job is going to last.
So, be very certain that you can find a buyer, and expect to get an extreme discount if you are the only interested buyer.
I suspect that expensive vacation houses are going begging, all over the country.
Here’s a tip: when asking for advice on a wholesale deal, all you really need to tell us on the front end is the numbers of the deal. Without the numbers there’s no way to even determine what you have. All the other stuff like beds, baths, etc is really secondary. Here’s all we need to know, and what we MUST know in order to determine if there’s even a deal there at all.
Asking price
After repaired value
Estimated repair costs
Also it’s good to know how much is owed on the house (including tax liens if applicable)
Thank you guys, I want to say that this is not a vacation house, our State is known for having lakes all over, it’s in the westsuburbs middle income area, the price range for a property like this in that area is in the $450k :rolleyes
As you tell, you are new in Real Estate and you never done any deal than i think you will consult with a known Good Realtor and take him/her suggestion.