I have a house in the East Chicago In market that's mins away from casinos good neighbor hood
2brm 2.5 bath 1465 sqare ft
Asking 54K Arv 87K rent average $1001
Recently updated has bonus features
I have it on Zillow and Owners.com it's been on there for 10days
I'm not getting buyers calls like I should I pay to list on MLS ?
If I can't sale all cash should my next exit be owner finance or lease purchase buyer?
I'm just doing internet marking so far..
The answer depends on if you are looking to wholesale it as a rehab or wholesale it as a buy & hold. For a rehab, there probably isn't enough meat on the bones for them. The typical investor I know (who rehabs) doesn't get out of bed for less than $30K in profit. That's after funding the rehab, paying the realtor to list it and paying closing costs.
This sounds more like a buy and hold deal. I would market it that way. Play up the cashflow opportunity, mention the cash-on-cash return, stuff like that. Also, do you know any buy & hold investors? Ask them what they think about the deal from a buy and hold standpoint and add their feedback to your marketing piece. Lastly, try creating a flyer and mailing it to a list of buy and holders in the area the property is in. You can look up absentee homeowners with more than 2 properties. Those folks are typically serious about holding properties and may be looking for another holding. Since it's in the same area as properties they already own the property management won't be too hard to take on.
Hope this helps.
I am a local Investor in the area. What street is the property located? Depending on the location of your property selling your house could prove to be difficult at the price you are offering it.
Rent est. for a 2bd house in the area should be in the range of $600-$735mth.
How did you price your home? I'm not familiar with the market there but have you tried getting some comps from realtors that are familiar with your area? Another suggestion, go to some open houses in your area to see what the competition looks like. Confirm you have the right price . . . perhaps you already did this work. How about holding your own open houses, etc. Just some thoughts . . .
Tyrell 3827 Deal St is address
Thanks to all who commented ...I priced below some of the comps that's in the area
Jerry, Sorry for the late post. But the property you are looking to sale is located in an area that a lot of investor's are afraid to buy in due to high crime. You could however sale the property if you are able to structure a creative financing deal that will yield a high cash flow or you lower the price considerably.