Rental Property Investor · Eden, NC · Member since 2019 · 7 posts · 0 votes
So now I have the ball in my court I have a couple trying to sale their home for 40 I think I should talk them down to 20 or 30 but they say everything in the home is new where should I start with this whole wholesale. Cause I’m eager but no sense of direction
@Jamell Isiah hammock Ok the first most important question is: What is the house worth? ARV. If you dont know that number then everything else doesnt matter. Next question is what will it coat to rehab the house so it will sell for the determined ARV? Have you been to the house? If not then go see it! Sellers will say its new and they fixed this and replaced that when you talk to them over the phone...I say until you have a ton of experience under your belt go see the house, dont take their word for it. Once youve seen it and you know your ARV you will be able to figure out what to put in under contract for.
because the market Im in is more expensive then yours my first thought is OMG they want 40k give it to them! LOL! But you have to determine if the number they want is more than what the house is worth in its current condition. If the 40k is a deal then dont haggle with them and try to make them take even less than that, put up just enough of a struggle so that they dont think they’ve gone too cheap and then get the contract signed. If 40k is too much then explain to them why and ask them how they arrived at that number.
@Lydia T. So get the ARV first after I take a walk threw the home and assess everything , It will pretty much be step by step process.So let me get back with you and give more detail after I get everything crunch and then with a strategy. Thank you speak soon