Newbie needs some advice!
Hi Everybody!
I have a motivated seller that I am meeting with this Saturday. This will be my first meeting with a potential seller. So excited! I have run all of the numbers on this home, and the seller is very young, and wants to move out of state very soon. The ARV on the home is 164K and he is selling for 143K. Alright, I know this is not 70% but, I am selling it to my VIP buy/hold buyer (landlord), and the nearby rental income comps look really good. I will negotiate for a lower price of course. The repairs may be around $17,000(1712 sqft). Not sure, of course, until I actually see the home. So, my question is how low should I go with the offer if I plan to market to a buy/hold investor and not a rehabber? Sorry if this is a really dumb question, as I know we are supposed to adhere to the 70% rule, but I could really use some advice on this! Thank You! :)