What do I look for???

Real Estate Investing Single-Family Homes
1

I’m going to look at a house later this week. It has 3 bedrooms, 1 bath, is tenant occupied and is being sold for $30,000. What do I look for in terms of repairs, etc., besides the obvious? It is located in downtown Hagerstown. It is being sold through a realtor and the owner is open to all offers. And, also, how does this work when you are going through a realtor? I have yet to do my first wholesale so I’m very much a novice at this. Any and all advice will be greatly appreciated. Thanks!

2

If theyre open to all offers and it is already rented then why not make them a land contract offer and hold it yourself?

3

Thanks for responding Brandon, I appreciate it. What is a land contract offer?

4

Land contract is a form of seller financing. You make your payment to the seller vs a bank.

5

Be careful re the tenant

“tenant occupied” could be a big red flag and the real reason why S is wanting to sell.

I bought a T occupied SFR from friend who was totally defeated by his crum-bum T who hadn’t paid her rent in over a year and told him (and later, told me) that she wasn’t going to pay rent!

While I managed to have her quickly and quietly evicted by city because she was trying to live there w/o elec power, I could have had to battle her in court and this is what my seller had feared himself.

So I’ll recommend you make your S produce proof of his getting rent as agreed and T’s rent paying history and present income so you’ll be warned upfront about any rent hassle.

6

Thanks for your post.
Are you contract this land owner?
House description attractive, I like your description.

7

Repair on a 30k house could be extensive. I would have a plumber and electrician look it over. In some states you cant get utilities hooked back up until it is updated so if that is the case, you may need to keep it in your name (power and water) until it is (if it IS needed) fixed.

Also a quick check is to look at the roof line. If it sags there may be a major problem. It may be minor too and fixed with half a days work and 100 buck in 2X’s. Check the attic for previous fires and charring of wood with no signs of redoing the right way. and

Good luck