OfflineThey say that look for motivated sellers, not houses and I agree with that. But sometimes, you come across a somewhat motivated seller who has a vacant house they've been trying to sell for 2 years. I have a meeting with them on wednesday at 9am.
The couple inherited this house from the wife's deceased mother 2 years ago and have been trying to sell it since from what I'm told.
From the way it sounds, I'm 99.999% sure I'm not the first investor buyer to call them. Zillow.com says that the house is worth 55k, and from what I see on the outside it needs more than just "cosmetic work".
The top-dollar offer I'm going to make assuming the work really is just cosmetic+updates is 25k. If they either balk or just stare at me then I'll walk and check back with them every 30 days or so to follow up.
Btw, this house is on the street where I live on. I can walk to this house in under 3 minutes so if this couple isn't willing to be reasonable then no gas lost on my part. 
First off its seems that you have already determined that they may drop your offer and this may be a waist of time. I would approach this as an athlete...You are going to get an offer accepted.
Second I would ask them what they would take before you pop a price. They may understand the need of repairs and the value of the property then may take $18,000 but if you jump in with your price you have lost your opportunity.
Here are some questions to consider:
- Why are you selling?
- How long have you been trying to sell?
- IF I were to pay cash for the property what is the least you would take?
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
It turns out the place only needed about 9-12k in work to make it tip-top. The owner claims he got a lot of calls from potential renters. He lives 25 miles away and he doesn't want to deal with the hassle of being a landlord.
We did a walk-through, I checked the roof, foundation, and the rest. It all looked fine. I showed them the comps to show the ARV is worth about 62.5k and I ran the numbers and showed the max offer is actually 34k.
Of course they are "going to think about it". If the FSBO sign is still up in a month then I'll follow up. They seemed real nice even when driving away, so I hope they just didn't blow me off. But then again, the "think about it" excuse usually means that.
Hi,
My name is Evelyn, anka, (helpothers). I have had some past experience of which I have learned from. It had its good points and bad points; never the less I've taken it as a lesson. Today, just to give you heads up; I'm getting back into the business. This time I’m going to use these lessons to my favor. I'm a new member but an old student, if you will. I don't have a leg to stand on, no credit, no money....oh but I'm so hungry to get to the next level.
Recovering in remit ion from a deadly disease, (healed by the stripes of Jesus). Almost lost my own house but just recently modified, thank God. Now that I feel better I'm ready to move forward and recoup time lost as well as not only my credit but my good name. I'm very self motivated but have not way to get into the academy yet. Note, I say yet because one can never be closed to not learn new things or think one knows it all. Let’s say that although I have past experience I'm still in diapers but not limited to get out there and make it happen. So if anyone out there wants to give me a shot and work with me on deals, I'm up for grabs.
Can someone tell me if I'm allowed to give out my email address and or phone# on this site? I surely don't want to put my membership on the line buy ignorantly breaking the rules or policies???
I hope to hear from someone soon. I live in Orlando, FL. but I'm willing to work or team up with anyone in the States. Exchange ideas, learn, and ultimately make money and in doing so I can help other along the way. It's called pay forward.
Thanks
Evelyn
helpohters
Also, find a local investor who is more than willing to help in your area. The closer they are the better. I'm pretty sure the city of Orlando has a real estate investor association try to see what they are about. That will get you started.