Make an offer or let it go?

[Jessica Brown]

Hi everyone,

Newbie to Wholesaling RE and I could use an experts advise. Hopefully this is seen by someone in the Belleville, Illinois area. This my first potential deal, with very motivated sellers. They bought a house hoping to become landlords but just do not have the time. They are pretty much willing to take any offer I give them, as long as they don't have to come out of pocket. However, I want to do right by them as well as myself. I am new to calculating ARV as well. Right now it appears that the house as is on the market is at about 58K in Market value. I can't seem to determine how much it could sell for if it was all fixed up correctly. They also owe around 50K on this property. Does anyone have any specific advise or ideas? In terms of if I should let this deal go. If I should pursue it, how can I accurately determine the price it can sell for once it's fixed up. That way I will know how much one of my potential buyers will purchase for a house in that area?

Just in case this info helps: it's a 3 bedroom, 1 bath, 1088 sq ft, 50K still owed

Thanks in advance for your help!

Jessica Brown

[Brian Ploszay]

Some mean responses on this thread.  The BP community welcomes newer investors.  People seek education.  

My impression is that Jessica should probably not buy this house quite yet.   Be prepared to know about tenant screening and property maintenance issues.  Know about evictions.  The list goes on.  I think that Jessica needs a local mentor to help her for her first property.