Updated over 9 years ago on . Most recent reply
Possible Wholesale Deal - Help
I'm talking to a seller about a possible deal. The seller just bought his house at an auction a week ago and is looking to sell it, which is what he does. Since he is the owner, and not the middleman, this is still a wholesale opportunity, correct?
Secondly, this is a two bedroom one bathroom house being sold for $45,000, square footage is 1,662 and it is sitting on a 2 acre lot. According to a few rehab calculators, the rehab price is approximately $20,000, but I feel safer of $25,000. Based on comparables, the ARV I'm coming up with is $135,000. Using the 70% rule, (60% really), I'm looking at offering 41,000.
Given all of these variables, do I have a deal? Any advice would be greatly appreciated, as I'm a newbie and this will be my first deal, hopefully.
Thanks.