Was driving around my neighborhood and i found a house for sale by owner. Its an older lady and her daughter and she wants to sell her house for 238,000 and wants to close quick. Market value for homes in her area are around the same price. I am deticated to making this deal work. Any advice on how to find buyers, whats steps i should take and how much i should market the house for?
Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
6y
Michael,
Based on the limited info I'd say you've already done your comps. They're selling for retail. I don't see how you could buy and resell for a profit. When you're ready to sell any property advertise it or list it. If it's priced right it'll sell. There's always buyers for a properly priced home.
Based on the limited info I'd say you've already done your comps. They're selling for retail. I don't see how you could buy and resell for a profit. When you're ready to sell any property advertise it or list it. If it's priced right it'll sell. There's always buyers for a properly priced home.
I talked to her in person and told me her property had been listed on Zillow for over a month now. Her asking is a little bit high for the price of other homes in her area. I’m not trying to make a profit but more as get the experience I need to move onto higher and better projects. Any direction I can take to help her out and get me the knowledge i am looking for?
Rental Property Investor · Corona, CA · Member since 2017 · 21 posts · 4 votes
6y
Michael,
With the limited info you provided, if the seller wants to sell quickly, if I were you I would make a cash offer 60% of the after repair value of the house, close in 14 days. If the seller accepts the offer, sign a purchase contract. I think there’s a sample of purchase contract files here in BP. Then hustle to find a partner/lender. This is just the first few steps to a series of steps you will be doing in the realm of real estate investing.