Seeking advice on deal
Hi guys.
I am looking for some advice on a deal to see if it is worth pursuing and what strategy would be appropriate. Here are some of the details.
ARV is 190K. Verified with comps.
Went in with an offer of 120K for standard wholesale deal, which was rejected. The seller owns the property free and clear and is willing to sell for 150K with owner financing. We have not discussed terms yet. He bought the property in 2009 for 130K.
The rents are based on the existing renter who has been in the property for 5 years and pays $1100/m. the property cash flows about $560/m.
The margins don't really excite for a wholesale deal. What exit strategy would you suggest and should I even pursue?