1st wholesale deal....
I've been working really hard to get my first wholesale deal done. I got to use spare time, because of a 65+ hour work week at a job and family. But hey! A guy can only do what he can do right!?
My phone rang yesterday with a guy that wants to sell a 5,000sqrft. 4 plex. He asked if I was interested. Yep, so send me the deal. It's an old church built in 1900. Converted to the current state. He wants 69,000. I offer him 30,000k. Here's why.....
A city assessment of 15,000k. Over 9k in back taxes. The taxable market value is 60k.
He says no to my offer. I don't feel comfortable offering any more.
So my question BP, did what I do make sense? Do I have cold feet? Or am I trying to screw the guy? I really don't think I am though.
Thanks!
1 more thing! If all I take away from this, at least my phone rang with a lead!