OfflineYesterday while driving my kids to school. I decided to cruise a neighborhood nearby. I found a couple fsbo's. The first one I called is an estate sale that they have neglected for a year. It needs $20,000 in updating including a complete tear off on roof(house has some mold in it now due to roof). They are asking $50,000 and I followed that up with what's the lowest they could go with a cash offer they said $45,000. I think $35,000 is more reasonable. Comps in area are $113,000. Any advice on how to move this forward would be appreciated. This is potentially my first deal. Thank-you
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Tell us a little more... If comps are truly 113 then that is better than 50% off. What do you plan to do with it? And why is 35k your number?
"Don't tell me I can't, Tell me how I can."
That is so great to know I am in so cal and drove 27 street to come up with nothing a few boarded up prop that are not for sale no some reo and will call the banks today
I am determined dedicated and will make it in real estate thanks Dean
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The oldest brother is the executor of the estate. The house is neglected and needs a lot. The roof is completely shot and there is water seepage coming in from the bad roof, so there is mold growing in it. They just want it sold before winter. I checked comps by what sold in area in last 6 months, within a mile of home. I even checked the real estate analysis on this site and it even came back at $113,000. The house is 3/1, 2 car detached garage, lot is 10,956 sqft. It was built in 1956. Zestimate came back less at $84,00. I also tried to figure in any unforseen problems. I plan to wholesale the property
Do you have any real buyers that look at properties like this? IF your numbers are correct offer $40,000 and assign the contract to your buyer for $45,000. Seems fair to all. The big determining factor will be ACCURATE rehab/remodel numbers. Where did you come up with the $20,000??
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
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http://www.mdlodeals.com Tenant/Buyer site
My brother in law is in the construction business on high end remodels and renovations. I brought him along to estimate the costs. Thank-you for all your help and advice
Any update on this potential deal?
Thanks,
Tom