Dead lead or potential deal?

[Eladio Perez]

I saw this house boarded up and placed a sign that I'm interested in buying cash ( I'm a wholesaler). He called me yesterday and in went to see the property. This is in Providence, Rhode Island, south side by Broad St with Comstock ave. Its a 2 building property, one has 3 units plus the basement, the other one is a one family unit, the ARV is 210,000, i walked the property and saw that it has fire damage in 2nd and 3rd floor and the attic, RRHAB is about 100,000, all 3 units in the 3 family house are vacant. The other one family unit is occupied. He owns the house free and clear. He is not motivated and says he's working on it slowly . "Im not giving this property away for less than $400,000" thats what he said. Im thinking is this guy nuts??! Rent in that area is about 1,000 per apt. Its obviously a good buy / rehab and hold property but he's just crazy with the math. I was thinking if there was some way of seller finance approach that i can take but his price is too far away even for a 30 year loan that balloons in 5, plus i don't have good credit and I'm a newbie. Would a hard money lender approach work here? Is it even worth it?

[Aaron Linden]

Eladio Perez I would show him the math to prove he is out in the weeds (if he really is) and explain to him why you can't make an offer that high. Give him the number you came up with at that point and see what he says. It can't hurt to offer and if you paid for the lead you should do your best to convert it.