What am I doing wrong...or better yet have I do ANYTHING right??
I have a property under assignment contract in Citrus County Florida and need some advice. First the numbers
3br enclosed stilt home on .45 acre, with waterfront on two sides in a secluded area but within 30 minutes of the largest city in the area... Ocala. Private bridge and no other homes on the same side of the spring...the location is amazing.
The home needs some minor repair work as far as things that MUST be fixed...$5000 would cover the have-to repairs. To update $15,000... the home has paneling, blue carpet, yellow bath fixtures and outdated cabinets.
ARV is $105K and I am asking $75K...I know these numbers do not work for rehab. I do have some room to negotiate but have not even had a serious offer yet. I set the price so I could give a bit and so I could pay the closing if need be to get a deal done.
How can I market this to a buy and hold investor or even a retail buyer? I have beat up Craigslist listing this thing and have reached out to area landlords. Using Facebook I get a ton of "tire kickers" but no serious buyers and I cannot keep driving 30 minutes each way to show this home just because someone is dreaming that someday they can live on the water. Do I require a per-qual letter or proof of funds to show?
I hope I have not gotten into this home to deep, the location alone I was sure this home would go fast but now I have been sitting on it for over 3 weeks and the clock is ticking.
Advise???