Updated over 8 years ago on . Most recent reply
Help in South Denver
Hey Colorado investors. I have a lead on a property in highlands ranch. It is literally a turnkey. There are renters in it right now and have a lease till June. The owner is out of state and wants to get ride of it. It is a 3/3 1,400sq/ft. According to Zillow and RedFin, I estimate the ARV comp to be around 380k. Only really needs about 1-2k for touch up stuff. I'm not sure yet what it is renting for currently, however renter comps in the area are around 2200-2500 a month and could potentially be more.
Now the question...I'm still a newbie investor, have yet to do my first deal. I have been focused on wholesaling, however I have not landed anything yet. I just started my first mailing campaign, hence the potential lead. I do not have any of my own money to invest. Although this seller is anxious to sell and willing to do it at a discount without a realtor, she is not a "Highly" motivated seller, or at least I don't think I could do a wholesale deal with her. Because of this, I'm trying to figure out the best option for a property like this. I was planning on making an offer of 330k to start things off. What do you think. Not sure what to do. Any help would be greatly appreciated!