i have a lead on a potentially good opportunity but am not sure of the best way to go about it.
It is a property going through probate (the process is almost complete) and I have been in contact with the real estate agent that will be listing the property for the owner as soon as the court allows.
They had an appraisal done to assess as-is value for the probate process, and that came in at 550k.
The home needs a good bit of work - 100-125k has been thrown around so far.
The real estate agent has offered me the first chance to buy the property but while the probate process was playing out, I put something else under contract and am moving forward with that.
I told him back at the beginning that I most likely wouldn't pay more than 450k for it, and he is telling me now that 450k might just satisfy the seller. I know the ARV is 700-725k, so this has the potential to be a pretty decent flip.
I don't have the ability to make a move to purchase this property now, so how can I capitalize on the opportunity to send it someone else's way?
You could put it under contract and then assign the agreement for a fee to the end buyer. Another option would be to go to local investors with opportunity. (Look on craigslist, local rental agreements, drive by current rehab and chat with flipper, etc...)
Objectively, I'd hold off on the full offer of $450K. Offer lower with additional statement that you'd pay more than other offers by X up to Y amount (find a way to have them show proof of other offers...). Hope this helps.
BTW: the amount for rehab is almost always "more than you think it will be" build in a buffer amount.
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