Rental Property

2 Replies

Right now, I'm stuck with an issue that may seem trivial to some. But, here's my issue. I just got a property under contract 6 days ago. It's a special kind of flip or wholesale deal, because the property has a renter living in it who's paying $475 per month. The owner want's to sell this property for $12,000, so, I have to sell it or flip it to another investor. The COMPS for this property is something like: sold for $22,000 on 12/10/2014, sold for $29, 000 on 09/22/2014, sold for $28,500 on 12/31/2014, sold for $25,000 on 02/25/2015, sold for $30,000 on 06/11/2015, sold for $30,000 on 05/28/2015, and sold for $32,000 on 05/26/2015

Would someone please suggest to me an ad that I can post to sell this property (urgent and critical; your suggestions would be most appreciated)? Would someone suggest a listing price for me to earn a profit? Would someone suggest websites to post this property other than Craigslist and the MLS (e.g. I do plan on posting here soon)?

@David Shipp unfortunately you haven't given us any information to help come up with an asking price. What makes you think the property is worth more than $12K? Does it need work? Also, some of your comps are way outdated. I wouldnt go further back than 5-6 months and in many markets you cant look further back than a month or so. 

You should tag your post with the city/county and state so you get feedback from investors familiar with that market. 

Best of luck but you need to provide more info here.

Thank you for your help. The property is located in Montgomery, AL. How would I compose an ad for selling this property? I know it's probably worth more than $12,000 based on the COMPS. Given than someone is renting the property, it's move in ready. I got this property under contract, as I said.