OfflineI got an email response to one of my absentee-owner letters. The guys starts out asking 100K for his 3/2, which is about 5K over FMV. He has a renter in place paying $1100 a month, and he owns it free and clear, according to public records. He says he's firm on his price.
I email him back explaining that I'm a wholesaler looking for bargain properties, and that I can't pay full price and remain in business. I ask him, "Since you obviously do not need to sell your house, would you perhaps be interested in buying another income producing property in this same area? " I really thought that would be the end of it.
He has emailed me again asking, "What would be the Max you would pay for the house AS IS." He states that it would need to be a cash deal, that he would do no owner financing and pay no closing costs.
SOUNDS TO ME LIKE HE WOULD LIKE TO SELL?! I have not answered this last email yet. I haven't seen his property, have no idea what condition it is in, but since he has tenants there, how bad could it be? And the answer to that is WHO KNOWS?
So what should I do? Just throw out an offer of 65% of FMV and see if he bites - then worry about an inspection/repairs later? Or, ask for an inspection first?
What would you do?
Thanks guys. Can you tell, I'm still fishing for my first deal.
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson
Do you have a buyer's list if he agrees to your offer?
Offer the 65% of ARV subject to inspection. All he can do is say "No"... or "Yes" or wanna talk about it.
Good luck!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
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"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
I have a short buyers list, and I don't really know how good they are since I've never sold to any of them yet. Thanks for confirming what I was thinking of doing. Will answer his email this evening & make my offer.
Sandi C.
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson