Please Help with First Deal in NJ.

Hey guys, I lucked into my first deal and need some help constructing the offer. This is the story.
I’m an appraiser and I met a realtor that turned me onto a vacant house and the owner lives in California. I est. that the ARV is around $460k. The realtor said that the owner just wants an offer. The realtor originally said offer $350k, but with repairs and profit, I was thinking of about $250-$275. I figure it needs about $60-$75k in repairs including adding central air to the house, but nothing major, just a total make over inside and out, the house hasn’t been updated in 40 years, but doesn’t show any signs of any major issues. It has city water and sewer so there won’t be any hidden well or septic issues.

Please let me know ASAP, I saw the house on Sat. and I don’t want it to slip away.


I have an investor that allows me to do 65% of ARV. Not purchase price! I will be happy to discuss.

I was just told that someone came in higher than my $270k offer, but I told them that I could offer more if the home owner was willing to hold a note. Is this the right thing to do, or am I just looking to get burned by overpaying? Or, can I find another buyer easy if I pass along the owner financing? Please help, I have to make my offer tomorrow or let this one go. Thanks.

(Just saw this was a double post)

In any case, NEVER be a motivated buyer! Don’t get so emotionally involved that you force the numbers to work. If they work that’s great. If they don’t, then move on. There will be others!