Looking for advice on making an offer on my first deal
Hello respected BP members. I am a brand new REI excited to build my business in 2017. My focus is traditional wholesaling considering I have no capital and I couldn't get a conventional loan to save my life right now. I may be able to get some private funding from people I know, but I didn't want to go that route for my first deal.
This may not come to anything, but I have found an abandoned corner house in my farm area that was built in 1896. It is on a main highway, but only a two-way street in this particular neighborhood. The other houses on this street are old, but this house is definitely the oldest. I spoke to the owner of the house next door. He told me that the owner plans on demolishing the house and building an office building on the property but hasn't done anything and it's been awhile.
After doing some research I found out that the house and property is owned by a non-profit development company. I want to make them an offer, but this isn't your typical wholesale deal. I don't think the house is rehabable, probably should be demolished, so what type of offer, if any, should I make considering a number of things could be best for this property, which has a land value of $112,300, building value of $144,890 and a market value of $257,190 according to the county assessor?