First Chicago Wholesale deal- Advice needed
Hi all,
I have my first lead on what seems like a cosmetic fixer upper in a lower/moderate income neighborhood and I could use some advice on how to structure it.
4/1.5 Brick split level (1 bedroom and the 0.5 bath are in partially finished basement) 969 sqft No garage – fenced lot
Repairs Best Guess (8-10k): I'm going to see it tomorrow, but seller states it needs tuck-pointing, floors, paint, drywall repairs.
Seller asking 70k, May consider renting it. 2 brothers selling. 1 living in it who needs some cash due to financial problems (I will ask tomorrow how much cash he needs).
Free and Clear, but is still in the names of deceased parents. May consider renting it
ARV Comps: 85k-ish? - there's comps at 90 and 115, but they have garages.
Questions I have....
How do I handle the fact that the heirs aren't on title?
How much should one discount comps for a lack of garage?
Any thoughts on how else to creatively structure this deal? In case they bawk at the typical 70% ARV - repairs - my wholesale fee. (45k?)
Do I just make a "cash offer" of 45k? and see what they say?
Should I have other options for them (seller financing? L/O?)?
Other information I should get from them?
I feel like there has to be something here since the house is free and clear and the seller seems like he might be more flexible than he lets on. I just feel at a loss at how to make it work.
Any help is truly appreciated!
Thank you!
-Ana