I have a seller that's interested in selling her 3 bed 2 beth SFR in Nashville, TN. She is an absentee owner who is renting the property to a tenant until Sept. 2016. She wants to close quickly and with all cash only, will not consider lease option. This specific neighborhood only has one comparable property that sold for $65,000 below her asking price in June 2015, but the property is nearly identical.
She currently owns the property free and clear, and is the trustee of a revocable trust. (I'm not exactly sure what that is.)
I need assistance is coming up with my MAO, but have not walked the property to determine repairs. I would be selling this to a landlord investor. Being that there is a tenant in the property, I image most repairs would be cosmetic.
@Brandt Fanion call me I'll help you out with this one
Great question. I'd love to hear/read some responses by the pros.
hit me up if you need any advice.
I work with wholesalers here also. We can talk anytime 615-751-7606. This really depends a lot on if you can flip it to a builder for the lot. If so then it's ok to pay 75K per pad if it's a double lot play etc.
You can't determine an accurate MAO without a repair amount. You can give her a range of an offer without physically seeing the property and determining repairs, but she probably won't like it as a cash offer will likely be a lot lower than her unrealistic asking price. Explain that to her. Tell her depending on how much money it will take to make it rent ready, your cash offer may be on the higher end of the range if it doesn't need much. If it is currently rented she may be hesitant to let you see it and alarm the tenants without knowing how serious you are. Put the offer out to her anyway and if she calls you back, that shows she is motivated; even more so if she calls back more than once. If she doesn't call you back, she's really not motivated and there's no deal to be had there anyway.