Do I have a deal?
Hello guys,
I need your help to make sure I wont mess it up too bad in what could be my first deal. A realtor/investor friend of mine brought this property to my attention located in Miami, FL. It is just listed in the MLS for $210K.
Unfortunately there are not many real comps around, there are newer homes sold, smaller homes, apartments...but nothing I can really call a good comp. By how other types of properties are selling (smaller apartments being sold by much more, etc) we "estimated" that this property could easily sell for $280K or so.
I spoke with a Hard Money Lender and to his opinion the market price is more around $235K. I cannot argue that because I have nothing to prove him wrong....furthermore, it concerns me a bit that my "estimate" is too high.
This being said, I am changing strategies from buy and sell, to wholesale it. The property needs no repairs at all and I had another HML tell me that he could buy the contract from me if I get it. That would be great, if at the time of him doing his numbers he still believes this is a good deal, otherwise he would back off and leave me with the contract in my hand.
I know many people use the "inspection period" to walk away if they cannot get rid of the property before its over. Is this a valid strategy?...not that I want to do it but I do need an Emergency Exit. Is there anything I need to be aware of or other corners to cover before I send in my contract?
Thank you for in advance your help!