Updated over 8 years ago on . Most recent reply
SFH Wholesale or Purchase to Live in
Hi All,
My real estate agent came to me with a pocket listing from another agent. The owner is asking 210 for a 3bed 1 bath SFH (about 890 sf) in a pretty good location. The seller is asking for an offer before they'll show the property as the tenants still have no idea that the house is for sale. Finding a house in this price range is very rare for my area (Bend, OR) as the low end of the market is very hot right now for first time home buyers.
It needs some cosmetic* work (new roof, floors, interior and exterior paint) and I'd estimate the ARV at about 250k on a good day. Some of the comps in that neighborhood were going for the high 230s last summer.
I am debating making the offer, with an option for wholesale built in (right to assign the contract, liberal due diligence period, 60 day escrow). If I am able to find someone to buy the property and make 5-10k in profit, I would be totally happy.
The other option would be to buy it, renovate it, and live in it as a somewhat short term (2ish years) situation before finding a new place and renting it out.
Would love to hear y'all's thoughts on this potential deal particularly on the wholesale route.