Hi. I got a call from a seller via a letter I sent to his house. I have not negotiated a deal because when I went to call him back he stated he will be out of town until Monday which is when I plan to return his call.
Here is my dilemna. I have only done wholesale deals so I am new to options and other exit strategies. This house is a cross betwen a wholesale and something else. The property is not in THAT bad of shape. I drove by and took a look at it from the outside and it looks like a bunch of cosmetic stuff, not a lot of functional damage (roof looks good, no visible signs of mold, etc). Anyway, the ARV is $260,000. I am not positive of the damages but I will estimate around $7000 to $10000 worst case. There are two of the same exact types of houses on the same block for sale by realtor. Both are in better cosmetic shape than this one. My question is what is the lowest $$ amount I accept for this if I chose to go with an option? As I said, it doesn’t really seem to qualify as a wholesale because of the relatively minor amount of damage. What do you think?