San Diego, CA · Member since 2013 · 6 posts · 1 vote
Hello! I am a newbie investor & currently have my first home under contract in Poway, (San Diego County) CA. I am hoping for some advice on whether or not I can wholesale it.
Single Family home: 3br (optional 4br) 3ba, 1,638sqft, .43 acre lot (fenced), RV parking & zoned for horses. Built in 1959 with renovations made in 2007, including new electrical throughout. The interior is in really great shape, little to no work needed. The exterior is in decent shape, the only thing is, its a dirt lot, little landscaping & cement driveway needed, depending on buyer. Similar comps in the area are going anywhere from $550,000 - $580,000. I currently have it under contract for $527,500. If this is not a good wholesale deal, can anyone recommend what else I can do with the property, rather than throw it away. Seller is not open to a Lease Option.
I'd have to agree with @Tim G., this is not a deal. In fact it looks like it's the amount the seller would net if they listed with an agent. Let it go.
They had purchased a larger home in the area, and were hoping to avoid having two mortgages. After I negotiated a price with them, based on their original listing price, I noticed they had dropped their asking price.