I was driving my kids to school today and on the way home decided to cruise up and down some streets,to see what I can find. Well, I found a couple fsbo's. I called on one and it turns out it is an estate sale. My question is,this house needs $25,000 in work from a brand new roof to updating inside(some mold growing because of bad roof). I asked the executor of the estate which is the oldest of 3 brothers how much they wanted. He told me $50,000. I said if I paid cash today what's the lowest you can go he said $45,000. By the amount of work needing to be done I think $35,000. The real estate analysis here said it's worth $113,000. Comps in area run the same. What can I do to close the deal? The brothers are looking to make something off this and I want it to be win/win for everyone. It's a 3/1, 1456 sqft, lot size is 11,000 sqft. They want it sold before winter because they have had it over a year now. Any advice would be greatly appreciated. I plan on a whole sale strategy
Can you help please
Posted on: Fri, 09/07/2012 - 03:39
I forgot to say I plan on wholesaling this property
I would offer 35k since your not sure about the rehab. That leaves alot of meat on the deal for investors after rehab and your fee.
Cash deal and you will close in 45 days with partners approval as your outlet as well as inspection. I usually just go on inspection because if you cant sell it in 10 days then it cant be a great deal.
good luck, and if he says no give him a card and tell him thank you and to call if he changes his mind.
Good luck!!
Never ever give up!
Richie.