I am doing offers right???

[Benggalo Lempo]

I need help with offers and counter offers. I understand the whole concept of low balling, but how do you get that low ball offer and work with counter offers?  This is my process:

Seller is asking for $182000.

Because I have no MLS access, I find my ARV through Zillow, Real Quest, and Total View. I average the three estimate.

Then I go on Zillow, and I compare the recent purchase prices in the area. And see if the ARV is even close to my comp.

Ex. Zillow: 178. Real Quest: 165 Total view: 185. ARV = 176.

ARV × 65%= 114.

Comps: 164, 155, 172 = 163.7.

Now here's where I get confused. Would in offer the seller 114? Then work my way up or would I offer my comp average - repairs/fee? 

Sorry everyone, I'm a newb. :-\ I am determined to get this. 

Respectfully,

The new kids

[Mat Trenchard]

Hang in there we were all there once. If the recently sold comps get you an average of $163.7k, I would use that as the ARV and not the $176k. I would HIGHLY recommend finding a way to get MLS access. There are numerous threads on BP about ways to do that. My favorite is taking a realtor to lunch and asking him/her to comp a property. To answer your question about making the offer, your max is at 65% X $163.7 ($106,405) LESS your repair costs. If the house needs 20k in work, your max offer should be $86,405 (I would start at $80k if this was my max). I'm assuming you are using 65% because you plan to wholesale, please correct me if I'm wrong. You could also use 70% X ARV less repair costs less your predetermined assignment fee. Using the above numbers gets you roughly an 8k wholesale fee if you assign it to someone at 70%. If your happy making $5k, adjust accordingly. Good luck, trust the process, and keep making offers.