Good morning or Good afternoon to all. There is a property in the Atlanta area that my friend wants to wholesale. It is a fixer and is free and clear, from what I understand. The owner lives out of state and is not into fixing properties. I want to help my friend do this but want to make sure I know what forms are needed in GA etc. This could also be my beginning into wholeselling.
The house is a 3/2 about 1566 sq. ft. In a good situation it will sell for about $170K. But I am thinking of offering between $65-70K since it does need work. By the time I ad all of the costs and a referral/assignment fee for my friend anything over $70K will reduce the profit margin.
I have a lot of the courses from many of you wise and knowledgeable investors but I guess a little hand holding may not be a bad idea for now? I am a lender myself and currently have many commercial acqusition and development projects I am working on. But I want to get started in wholeselling. I live in southern CA and would like to start in CA and Kansas since I visit there often and may actually move there next year.
I appreciate all help.
Thank you