Im about to do a walk thru with a wholesaler who represents many mortgage lenders that have properties they are trying to sell. what he is telling me is that his numbers are the bottom selling price, and that they wont go any lower, and that they wont look at a short sale, but in 2 weeks his agreement deadline ends with them and after that the lenders will put the property on the market themselves and ask alot more. hmmm Im thinking to myself, the numbers are close to 70% under ARV but that doesnt include repair cost,holding cost, or fees. How can I make this deal more attractive to me? Thats what Im asking myself, but I dont know the answer, is there anyone who might have some tips? thanks for replying.
Jeff,TX.
See my right eyebrow? See how it is raised towards my hairline.
That is showing that I am skeptical. I think your wholesaler is full of hooey.
I totally agree with tatertot…seems rather “fishy” at best.
To answer your question about how to make it more attractive to you - make an offer where the numbers do work for you, back out the repair and soft costs, etc…NEVER be a motivated buyer!
Anyone can put a property “on the market” for any price they wish. The list price and the price we need to purchase a property to ensure profitability for our business have nothing to do with each other.
It’s best to remove your emotion and stick to your numbers…
Chris
Be sure the deal works for you. Work the numbers. If you go in skinny and rehab runs high as it usually does. Figure worst case. There are too many good deals out there to sell yourself short.
It is a buyers market out there.
Hey Thanks everyone, I will do that. How can I get him to show my offer to the lender? I did the walk thru…uglyyyyyy. I need to be in it at around 30k to 35k put 30k into it and sell right under ARV. What would a experienced investor do?