New deal opportunity - Paterson, NJ
My goal is to flip this to a wholesaler if I can.
Property owner reached out to me off one of my signs.
Property Details: 3bd/2a, in a good neighborhood
Asking Price: $115K
Recent Comps are between $160-170K
Contractor estimated repairs: $25K
I figure my max offer should be $94K i.e. (170,000 * 0.7) - 25K
The challenge I have is that the property owner mentioned in my walk-through with him that another investor offered him $105K which he said was also the amount owed to the bank.
The area is good and desirable so the property could potentially good above $170K into about $175K will go to an investor. There were some sniffing around while I was there with the contracctor that gave me the estimate. I don't think I can get it under contract at $94K.
Any creative suggestions on how I can get this under contract?