Rental Property Investor · Philadelphia, PA · Member since 2018 · 16 posts · 5 votes
Hello everyone. I am in New Jersey and I have my first potential seller who is Highly motivated to sell his house. He said the house has a mortgage balance of $600k. He bought it 2 years ago for $780k and I see one house recently sold for $765K that has almost the same amount of Square ft, and another for $600k with half the size in square footage. Is this a deal worth taking? Do you Think I could potential assigned this deal to a end Buyer and still make money from this deal? What should be my max offer? Please help anyone and thank you.
East Brunswick, NJ · Member since 2008 · 12 posts · 1 vote
7y
@Andre Clarke I would think that once you figure out what the ARV is, and you decide to go into a contract with the seller make sure you have a clause in your agreement that allows you to get out if you're unable to secure the funding that you need to close the deal. So that you don't end up having to buy it when the timer runs out. Make sure to check your comps in the area...with the numbers you shared there should be room to make some cash money on the deal