No Repairs

7 Replies

Hey yall ... I have a question. I got an email from an investment company that has a property for sale. The property is a practically new build (2006). Its a 4/4.5/2 4310 sqft. The market value (per the investment company) is $385K. They're asking $349,900. I know this isn't 70% below market, but its a new house with no repairs.

My real question is why wouldn't the investment company sell this house on the retail market themselves as opposed to wholesaling it if its such a great deal? I'm suspicious of it because it is new and they're harping on how great of a house it is, but THEY'RE not selling it at retail. Why wouldn't they?

I called and left a message for them to call me back so that I may ask questions, but I haven't heard back yet. Just thought I'd put this on the table for discussion.

Thanks for any feedback. :cap:

They are offering it at retail! The top 10% of any price (particularly in that price range) is fluff! BTW, if the market value were $385, IT WOULD HAVE SOLD. The ONLY REASON a property doesn't sell IS PRICE!

all cash

I agree with all cash. I have been getting calls from Dallas area investors telling me about great deals. they are not deals they are just passing their problems to the next guy.

-K thanks. It's little things like this that I don't know. I have ZERO experience in real estate. Which is why I run ALL my questions by biggerpockets members before I do anything. thanks again guys!! :D

Originally posted by "qclemons":
-K thanks. It's little things like this that I don't know. I have ZERO experience in real estate. Which is why I run ALL my questions by biggerpockets members before I do anything. thanks again guys!! :D

That is great to hear!

Originally posted by "qclemons":
-K thanks. It's little things like this that I don't know. I have ZERO experience in real estate. Which is why I run ALL my questions by biggerpockets members before I do anything. thanks again guys!! :D

I'm new here too, and still looking for my first property. The "problem" with running all your questions by this forum, is that if you really find a smoke'n deal, it will be long gone before you can ask here and get an answer.

I hear where you're coming from MarkY, but biggerpockets.com has been the only place I can come to with general questions as well as specific questions and get an answer within the hour from someone knowledgeable. Most of the time, I'm looking for general answers to general questions about the industry as a whole so that I can get over this learning curve. I use real life examples though to get as close to an accurate assessment from the gang as I can. My goal is to get as much preliminary knowledge as I can just to be confident enough to land that first deal on my own which is why I'm asking as many questions as I can think of right now because when an opportunity comes my way, you're right, I won't have time to run through biggerpockets, but I wouldn't have asked all the preliminary questions first to get me to the point where I need to be.

Honestly, from my perspective, this is the most informative site for real estate investing and I love it because its full of information and more important to me right now ... IT'S FREE!!!!! You can't beat a free education with a baseball bat. :D