WHAT SHOULD I OFFER?!??!

Bird Dogs, Wholesaling
1

I have this sweet property, in a nice area and the numbers look good but there’s one thing…WHAT DO I OFFER???

Appraisal: $575K
Comps: $550-575K
Property needs 5-10 in repairs but to be safe, i’ll say 10-15K. They want 480K for the property.

I REALLY want to jump on this but,What should I offer???

Thanks

2

As an investment or for personal living?

Is it listed with an agent?

From an investment point of view , you can pay no more than 400 grand for this property.

Find out more about the sellers, what is their motivation.

3

This is a SFR Bank REO that I want to wholesale.

The property looks great and needs little work I say 5K-10k but to be sae i’ll say or 10-15k

4

For an easy fixup why not do it yourself and keep a bigger peice of the pie?

5

Are you sure you can wholesale this, since the bank owns it? Ask the selling realtor if there is seasoning.

6

I dont have the money to pay for holding the property. Also, i’m new to this and dont want to try to do to much until I learn more

7

I have tried to wholesale an REO recently. The bank was asking 174k and the market value of the house was 235k. My initial offer was going to be 160k. To make a long story short, I was given purchase contract by the agent representing the bank. The contract had an option fee of $150 for 15 days. I was told that I would have to show proof of financing from a lender. I had to figure out how I would show the home without the agent being present. All in all, I backed out because it was too much risk involved for me. I later learned that someone else submitted an offer at 160k and the bank turned it down.

I am not saying it can’t be done, it was just more than I was willing to get into.

If you pull it off, let me know!

REIProfit

8

Looks like a great deal to me based on your description. Offer 470 but plan on selling at the %550 price. Appraisals can be garbage, price by the competition.