I contacted a man who owens a condo in a nice part of town, and about to go into foreclosure. When I talked to him he seem very motivated. Here’s the scenario he wants 105k (no repairs) when I asked what’sif he would take less he said he would have to get around 100k. He also says the property is worth around 140k the problem is he won’t give me an address to run any comps. I think he senses I’m a newbie and getting a little sketched out. How can I run comps without an address? It that even possible? And how should I handle his nervusness or should I move on? Just seems like a great first deal. Thanks for your help.
You need the address. Never take his word for it. It’s kind of freaky that he wants to sell you a house but won’t tell you what the address is. LOL. If you know the condo complex you can do the comps.
It’s OK if he senses you are a newbie. No problem. You need to talk to a bunch of potential deals off the bat until you start getting smooth. It takes a few screwups at first. Just tell the guy you are new to investing, you have a close friend that is advising you and that they said that you shouldn’t make a deal with someone without even running comps. Tell him you will need the address to give him an offer. That you will also need him to show it to you too because you have been advised to never buy a property sight unseen. I have run into many people who SAY the place needs NO repairs and it is loaded with damage. OR it needs a good paint job or outdated appliances for a flip, etc.
If he could sell it for 140, believe me, he would. He is not doing you some favor. In the typical deal, the seller thinks their house is worth more than it is. You have to knock them off their horse by nitpicking all of the repairs needed, etc. By showing them some low comps and disregarding the high ones. ETC. Once knocked off the horse you go in for the kill.
Sounds kind of shifty to me. I agree with hooch, you need the address. Tell him that you will have an offer to him in 24-48 hours provided he gives it to you or you’ll walk. Let him get closer to foreclosure and contact him then and offer a really lowball number.
Won’t Give You The Address!!!
Tell him to have a nice day…and No, thank you!
Walk away from this,there are plenty of others to come your way!
Thanks for the advice. After leaving a voice mail and a email I have not heard from him. Ima take ljcramers advice and contact him again in a few weeks. Next!