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Advise on what to offer on an income producing property

Posted on: Tue, 09/25/2012 - 16:48
Advise on what to offer on an income producing property

Hello,

I found a seller who wants to sell his home for $70,000, the totalview value is $68,000 and owns it free and clear. He has a tenant in place paying $850 a month. This is for a property here in Central FL. I am looking to lock this up as a wholesale deal. I know this is a different formula than submitting offers on the 25/1 ratio. Any help would be greatly appreciated.

Thank you,

Jenn

__________________

Charles & Jennifer Ebanks
EPS Houses LLC.
Business Line (407)796-1154
Cell Phone (407)417-0962
jenn@epshouses.com
www.epshouses.com


Posted on: Wed, 09/26/2012 - 19:34 #1
Comps

Hi Jenn,

You need to get real comps on the property as a starting point. What have other identical properties sold for in the past 60 days? The closer location to this property the better. Next step after that is to determine what repairs (if any) are needed. You can then use that data to figure your offer price.

Good luck!

Tom


Posted on: Wed, 09/26/2012 - 19:43 #2
Thanks Tom

I did forget to mention there were no repairs needed on the property. I will look at the comps in the area.

Thank you,

Jenn

__________________

Charles & Jennifer Ebanks
EPS Houses LLC.
Business Line (407)796-1154
Cell Phone (407)417-0962
jenn@epshouses.com
www.epshouses.com