Need Advice..Wholesale Deal, 1 acre in scottsdale is not moving..
Hello,
I have been investing in real estate for a few years now (rehabs, buy & Hold), I've focused on wholesale for the last year and I'm always looking to learn, needless to say I'm very grateful to the information and the resources available here, with that being said...
SCENARIO: I have a contract on a horse property in the middle of scottsdale, AZ it currently has a 1500 SFR and the lot is .85 acres. I'm doing an assignment for 399k given the dimensions of the SFR, the size of the lot and the property values in the area there are very limited comps, current ARV is 500k+ it needs 10 to 15k for a basic cosmetic rehab, however the updated properties around the area have sold for 700+ so the potential for profit is there...
ISSUE: I've reduced the original price and a few investors have gone by but the main thing that comes up is the exposure to a popular street (for the locals, It's on the corner of Shea Blvd and 61st St). I must admit I thought it would go quick but it has not and I only have 5 days left to close on it. Owners are fixed on the price and I have already reduced my fee. any suggestions? I'm a lifelong learner and always looking to improve, there might be something I'm overlooking. Any advice would be appreciated.