I was contacted by a Memphis resident about a house in St Louis, where I live, that she inherited from her Mother. The house is a 2/1 built in 1962 on a small lot and her brother is living in it although he says he is moving.
The neighborhood used to be called McCreetown and is now Botanical Heights and was a gang and drug infested area just 7 or so years ago. It is now undergoing revitalization with some buildings being torn down and rebuilt as SFRs and some as restaurants and some as office space. There is a new Charter school and playground and a neighborhood garden as well.
This lady is obviously no dummy and has called numerous people she found on the internet including Homevestors and got offers ranging from $15K to a high of $27,500 for the property. a RE agent told her $30K to $40K.
I looked at the house and talked to the guy next door who is building a new house and to me it was a tear down and rebuild proposition and no possibility of wholesaling because of all the folks she got involved.
Anyone have any advice for me in the future on this type of situation?
Tell her to make up her mind on the price where she will sell, then call you when she's ready to deal.
If it works as a tear-down at that price, great. If not, move along. Don't let her waste your time.
Thanks Tom. I talked to her today and told her if she can get $27K to go ahead and take it but I'm out. Too much uncertainty when politics are involved in buying and selling Real Estate.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing