I want to wholesale this 2 family complete rehab house and its a FSBO and the guy wants $75,000 for it. He tells me that he has the blue print layout for the project. I want to put it under contract but I need to know what are the name of the contracts I need for him to sign and is this a good deal for me?
We are going to need just a little more information before we can tell you if it is a “good deal” or not.
Are the units rented?
What is acceptable rent in your area?
What are expenses?
I am going to have to check again because I don’t have all my paperwork with me. Thank You for responding.
He now tell me its $80,000 and the rooms will rent for $1400 a floor and the blue print layout is about $30,000 and he said that when you put back on the market it will be for $180,000 but for that area and its on a side street and I look it up and most of the houses on the street is about $130 to $140,000. I want to have on contract this week but I need to know if this a deal and what are the contracts that I need to make it happen. Also, he bought the house back in May of this year for $44,350. Any suggestions
So, what has he done to it since he purchased it in May?
Has he made any upgrades?
Why is he getting rid of it so cheaply if he just purchased it?
Has he tried marketing it?
He has a FSOB sign but it wasn’t there until I called about it. My guess is that he hasn’t got any calls about it and he has not done nothing to it. Been in there about a month ago. Like said its a complete rehab project. But I don’t know what he has been doing as far as marketing.