Help - My First Deal

4 Replies

I hate begging for help, but I need some advice on how to get this deal done, it's my first time wholesaling real estate.  Here's the link:

http://www.zillow.com/homedetails/231-County-Road-...
He can't go past $85,000 and he really needs to get out so he can move out to his job offer out of state.  He would like to get out this week. 

I've done the comps and they are going for around $100,000.  Could I get anyone to check my accuracy?  Would any investor be interested in this, why or why not?  If you were me, what would you do?  Walk away or follow up?

If I can get my first deal done I'll be in a good place to do this myself later. 

to get a second opinion on your comps, you should give a local realtor a call to see if they can get you a CMA (comparable market analysis) done on the house to get a better idea for an ARV (after repaired value). If your correct on your comps for $100K then $85K would be paying way too much and you should just walk. With a $100K ARV you would need to at least get the house for $70K - repairs - your wholesale fee ($5-10K). Hope this helps

Hmm ok, well I certainly wouldn't want to get into a bad deal and make someone mad!  I just got in contact with an agent who will do comps form e and see if I'm on track or not.  Zillow tells me the property is worth $140k! That's like $40,000 off. 

Jacob, Be very cautious trusting Zillow values, they are notoriously inaccurate. You definitely should weight the CMA from a Realtor much more heavily. Good luck!

@Jacob Dame , it is apparent that the Seller already has a listing Agent, who should already be aware of the Seller's bottom line of $85k (coincidentally the same price they paid at the height of the pre-GFC-bubble in 2006 - most other Sellers in the meantime have had to wear significant losses). So if that professional Agent can't find a (retail) Buyer/Occupier to pay say $90k, how will you find a (discount-seeking) Investor to pay the same? 

Looks like your first deal will have to come from elsewhere. Keep hunting...

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