Making First Offer...Need Help
I need help determining if this is a good offer for this property:
2 bed 1 bath house in a good neighborhood near a university.
Average rent: 625
sqft: 950
no repairs needed
ARV: $55,000
Asking price: $27,000
Offer price: $17,000
Wholesale price: $19,000
$2,000 profit
What do yall think?
I’ve not done any wholesale work, but I am wondering why you are wanting to sell the property. What is the interest and payments on a loan for 17K, or 19K or even 27K. I haven’t checked them out but I would think the payments are far less than the $625. and rentals near a college/university do real well, so I am told.
I am a wholesaler/investor that lives in California, but only invests places like Pennsylvania,Ohio. I have no problem investing out of state. You just have to do a little more research.
Do you have an associate you work with in other States, who actually looks for and goes to view these properties?
How do you find your buyers? Im having a hard time finding legitimate buyers who actively play the game.
Quote:
On 2008-11-05 02:06, bennett09 wrote:
I am a wholesaler/investor that lives in California, but only invests places like Pennsylvania,Ohio. I have no problem investing out of state. You just have to do a little more research.
For most people I think that you should avoid areas where you have little experience or real knowledge.
Values can be from all over the place and many of those peddling property in other states end up taking advantage of the buyers. In fact I know of only one or possibly two good stories from this scenario.
[addsig]