Wholesaling in Low Income areas...
I've located a few vacant boarded up houses in a low income neighborhood in which I am mainly interested in wholesaling. Does anyone have any advice for a newbie REI??? 
I've located a few vacant boarded up houses in a low income neighborhood in which I am mainly interested in wholesaling. Does anyone have any advice for a newbie REI???
I would ask how do you plan on financing the purchases, and who will insure them?
If you plan on just assigning a contract, and never actually closing, this is a moot point. If you plan on closing then reselling for a small profit, make sure that your finance person will even handle a property in an area where board ups are present. Any hard money lender will only loan 70% of the after market value, and many insurance agents won't even touch properties like this. Hope that you have your team organized already, and you can approach them with these questions.
My goal was to flip them over to an investor.
There are 3 ways of flipping the property to an investor (as stated under FAQ - Wholesaling):
1. You can purchase the house outright and sell the house outright.
2. Put the property when you purchase it into a Land Trust, then reassign the beneficiaries.
3. MOST SIMPLE - Assign your contract to your buyer. All you collect is the assignment fee.
You have not specified which one you are going to do. That is why dealym was explaning about getting the right financing. If you do it the first 2 ways, then you have to actually purchase the property with a new loan, then resell it to an investor or buyer. If you assign the contract, then you don't need financing...but you need a title company that knows how to do this type of transaction.
I hope this helps.
Tanya
Isnt number 3 also called flipping (which requires NO money, credit, etc.)??? Thats definitly the one I want to do...Would I explain to the title company that I am "flipping" the house to an investor/buyer?
I appreciate any advice! Thanks!