An inch of water in the basement = $2500 in profit

4 Replies

I am still scratching my head here. We had a rental we were under contract to purchase in a C class area. We decided we'd rather wholesale it after further review. Us purchasing the property was literally as a service to the owner/family. Not much other than cashflow that we were looking for in this one. One of the properties where 20 years down the road I would expect any appreciation. 

We decided to list it on Cl and Postlets to see if we could unload it. Worst case scenario we hold it. My business partner goes out to show the home and the guy loves it. Loves the exterior, yard, main floor, and is super excited. They walk down the steps and there is a 10X15 puddle of water an inch deep or more. Guy says "Oh that's a problem." Made a lowball offer and they parted ways. He calls us back multiple times that night and bid himself up to a 2.5K profit. I'll take it! Definitely didn't think we would be selling it with the "below ground pool"!

Medium head icon colorRyan Dossey, Call Porter | http://Callporter.com

Congratulations.  

My guess is he had deduced what the problem was and decided it wouldn't be cost prohibitive to fix it.  I don't have any experience with basement leaks and/or foundation issues, so I probably would have avoided the place.

Speaking of which, I need to learn more about those problems and the costs associated with repairing them.  Guess I'm heading to search the BP for information.

I think he had already decided to purchase the property personally. He was looking for a reason to try to get us down to a lower cost. My guess is the gutters haven't been cleaned and it's an old block basement. However like you I wouldn't have pursued the property further. 

Medium head icon colorRyan Dossey, Call Porter | http://Callporter.com

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