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.