Deal or No Deal #1


I’m wholesaling properties in the Saint Louis County Missouri area and will be putting all the deals I come across on here for everyone’s review and/or input if you so choose to leave any. Here’s my plan…

  1. Post the deal here in this forum
  2. Take your input
  3. If a deal, get the property/properties under contract
  4. Find a buyer fast
  5. Double escrow and done
  6. Come back and post the deal play by play with the numbers from start to finish.

Here’s Deal #1

(landlord comes to me with three properties)
He want’s to sell for what he owes and retire somewhere. He says he owes $35 K each
Two of the properties have tenets of over 5 years and are paying $700/month rent. The other is vacant but habitable.
Here are quick numbers per Zillow and my county assessors website

Quick Ballpark Values/Rents

Zestimate County Assessor Zestimate Rent
$52,800 $48,900 $817
$45,663 $46,500 $810
$43,800 $39,900 $813

All properties 3br/1ba

I posted it here and contacted all the buyers I knew. No bites yet.

Any thoughts?

It’s a difficult question, not knowing your market, I have had houses on contract for ridiculous low prices in Ohio, Michigan and Alabama that I couldn’t sell, the market sucks there. Here in California I flip houses in less than 24 hrs.
I wud try to buy these with the Lease Purchase, or Subject to, take over the sellers debt, if he just wants out, he may agree.
Then keep them rented and enjoy the cash flow. At the end of the terms you will own them free and clear.