What did I do wrong.....
I have an owner that called me from my letters I sent out last fall. I checked out their property a couple of weeks ago and I determined there wasn't enough room to wholesale and I didn't personally want it because the area. Here where the numbers.
They where firm at $94,000
My ARV $115,000 to $125,000
Rent $1200
Rehab needed paint carpet some fascia and drywall repairs, refinish bath tubs. I'd say about 5 to 7k for rent ready.
I would need to be closer to 80,000 and they where firm so I said I would follow up in a week or two. They said if I could find a buyer at 94 they are ok if I have a fee on top. I didn't put it under contract because of the numbers and they didn't want to sign a contract unless I would buy it.
A week later there is a fsbo on postlets/Zillow for the house. But it's listed by another local real estate investor / wholesaler (who is actually on this forum and a realtor). He has it listed at $125,000 and it's a little more fixed up. The owners said they where going to do a few things themselves...paint and clean.
I don't think it will sell for 125 but he might get 110,000 in this market from an end user.
Did I drop the ball not getting this property under contract? Good for him. I'm trying to think what I would do next time with these slim margins.
Thoughts?