Updated almost 7 years ago on . Most recent reply
Wichita KS Area, How much should I offer?
Hi,
I talked to a seller who's a contractor and is expecting way too much for his property. He owns it out right but he hasn't been paying taxes on it for the last 3 yrs. Taxes is also a little higher in that area about 2k+ a year. This property is 3bed 2bath and has a huge lot. He recently did the roof and a few other things and says it probably needs 40k in work. The ARV is around 115k based on what a smaller property sold for all fixed up. On the county assessors website it says the property is only work 42k. I'm not a contractor and I dont know any realtors to give me accurate COMPS so my estimates may be a little shady. But I was thinking to offer him 25k-30k and reselling to an investor for 50k. I already accounted for the taxes he didnt pay and I was hoping to wholesale this deal.
What do you think?