I have a lead in North Carolina. Already spoke to the owner and he is telling me that the property appraised for 150k. I have ran comps and did my research and the property is located in a high crime rate area and there isn't a single house near by the supports the 150k appraisal he says he had done. not even close. Its also a odd shaped lot which doesn't work in the favor of any seller. Is there any way to look up the appraisal so I can make him a offer and get this under contract.?
The seller would need to release a copy of it to you if he was the one who had it appraised. Whomever paid for it owns the report. If it was a result of the property being refinanced etc- he should still have a copy.
Why would you care? Show him your comps and make your offer based on those. If he has better comps he will need to show them to you.
@Shequann Burrwell Do you have buyers looking for properties in high crime areas? Seems like even if you get it under contract, it would be tough to move.
@Shequann Burrwell , which city? Not trying to steal your lead. Just seeing if I can provide better information on the area.
Wilson North Carolina is the area but property values are very very low and the spot where the property is I looked up the crimes that have taken place since January and its pretty high. even for recently sold comparable in the area they are not even close to what this house supposedly appraised for. As for how easy it will be to wholesale, im not to worried about it since I always have my exit in the contract and a lead is a lead. I rather have it under contract and have a shot at getting it in one of my investors hands and banking the fee then not give it a shot and lose it to someone else. either way i want my numbers to be on point and also have my ammo ready to shoot my offer as low as possible with great reasons why.
Originally posted by @Shequann Burrwell :
Wilson North Carolina is the area
Sorry. Can't help there. Good luck.
So I spoke to the owner again and he is sending me the appraisal that was done last month. It isn't based off of the residential comps in the area because of where it is located and the potential to put something commercial there as well as new commercial properties. The owner either wants to buy lease option the property or sell it out right as long as something commercial goes there to maximize the properties potential. The town is also willing to quick deed the area in orange to a buyer that places something commercial there as well as offer tax incentives for each job created on the property.
The owner also relayed to me that the location is a ideal place for a bus hub and megabus has showed interest in using the property for that such purpose, but he is still willing to either buy lease option the property or sell it out right.
Owner wants to buy lease option?
I think you mean the owner will consider SELLING on lease with option, and that means leasing.
What is the market rent?
Why are you looking in a crappy area of NC?
About 26% of the population were below the poverty line.
No offense to Wilson NC.
Poughkeepsie NY is awesome, look into college housing, my brother went to Vassar. Lots of cash available from those students.
Originally posted by @Shequann Burrwell :
megabus has showed interest in using the property for that such purpose,
The fact that Megabus wants to use it doesn't mean much. Megabus "rents" space at 24-hour convenience stores and such, to use the parking lot as a place to idle the engine for 30 minutes while passenger load and unload. I don't think they pay very much for this.
This deal fell in my lap the owner messaged my on LinkedIn asking me to help him so that's is what im trying to do. I don't know much about the area other then the little bit I looked up and what he relayed to me in our conversations.
that's fine, it's just that you have so much opportunity where you live versus doing it virtually
agreed. I wholesale in my backyard as well. Virtual wholesaleing allows me to expand my contacts list and build a bigger buyers list as well as network with other wholesalers who arnt as tech savy as myself, and link deals with buyer who other wise wouldnt know they exist. Between llinkedin, bigger pockets, craigslist, and the arsenal of apps I use deals have been moveing faster and faster.
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