Real Estate Agent / Investor · Patchogue, NY · Member since 2016 · 22 posts · 0 votes
I have a deal where I assume a house flipper purchased a home for $76,000 and put whatever repairs he had into it (The property does look nice) his asking price 290,000 which is way over what comparable houses have sold for in the neighborhood, he has had a hard time selling it, and I want to make him an offer. I going to assume he has put probably around 40-60k into the renovation, so I am thinking of sending him a offer of 175,000 cash, and then assigning the contract to a buyer ( for a wholesaling fee). There are 2 homes very close by that sold for $250-$260k.
It never hurts to put in an offer, but... Have you had any contact with the owner/seller yet? Try establishing a relationship/rapport first, determine motivation, and try to find a win/win deal based off what you uncover. You may find them at the right moment where they are just ready to get out of the property. I think this may give you some advantage in your negotiations.
Thank you for the advice, and yes I have spoken with him, he bought the property cheap, put a lot of money into it and has not been able to sell it at his listed price.