Figuring first deal-input please
Brand new an extremely nervous. Looking for my first wholesale deal. Was just doing market research when I came across this... I think I may have found a wholesale deal, would love some input.
Property was listed at $95K FSBO price has came down to $87.5 fully furnished in less than 3 months
3bd 2 bath in a nice golf course subdivision in Florida built 1980
1956sq ft not counting an added 12x26 Lanai
Comps put ARV at $123K
The home is nice but kitchen a a few other things are dated...awesome landscaping and overall a nice home estimated $15K for rehab, mainly for new kitchen cabinets ect
I have a number in mind to offer but would sure like to here what anyone else with some wholesale/investing experience has to say. I can see $5-$10K profit for me and $20-25K for a rehabber if they are wanting to sell as badly as I think.
$123,000 minus 70% =$86,100 - $15K for repairs +$71,100
My thought was offer $72.5K and offer to do an estate sale to sell the contents for the owner...furniture is nice so this is either a winter home or they are hitting the open road. Nice furniture, but I am not keeping the property.
I also buy/sell storage units, buy leftover estate sale items etc anyway. I have one guy I could call and think I could move most of the furniture the day of closing.
Thoughts? What did I miss? Maybe they will laugh at the offer, but maybe not.