Possible First wholesale deal??
Hello BP community, I’m relatively new to real estate wholesaling. I’m in the philadelphia area and finally through some VERY hard work I was able to track down an interesting lead. I found a motivated seller in west oak lane area near 66th ave. The ARV in that specific area is between 160-180k. The kicker here is that the property has significant fire damage. The entire second floor has fire damage . He owes 17k In taxes and 10 k for water bill. He told me that he only wanted to make 1000 dollars in his pocket . So that means he would sell to me for 28k , I would charge 7k for wholesale fee. Would 35 k makes sense for an investor who wants to buy? Or is that price too high. I’m estimating between 65k -85k in repairs need to be done. Houses are selling very fast in that area after repairs usually no less that 150k. You’re input would be greatly appreciated, this would be my first deal!