New to Real Estate · NJ · Member since 2020 · 12 posts · 7 votes
Hi - Mr. Newb here. I saw a property in my neighborhood that had a for sale by owner sign. I called and the owner said that he is selling the home for $375k. In my neighborhood, homes can easily sell for 410-430k. If the home is completely updated, homes can sell for 500k+. The owner did say that the home is move in ready and doesn’t require a Reno. He also mentioned that there is an unfinished basement which can possibly be updated add another room. Should I try to get a wholesale deal on this or are my numbers and criteria all off?
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
I understand this is FSBO, @Darren Harper, but that is still "on market." Does the owner have it listed anywhere? Zillow, Trulia, etc. allow FSBOs to be listed on their site. If a wholesaler tried to pitch me a property that was just plucked of Zillow that would probably be the last conversation we had.
More importantly, have you verified the home's condition and level of updates? "Move-in Ready" is one thing. "At Market" is another. If the kitchen and 2 baths are functional but haven't been touched since the 60s those updates could easy hit $100k+ and there goes the margin for your buyer.
New to Real Estate · NJ · Member since 2020 · 12 posts · 7 votes
6y
@Jaysen Medhurst @Jaysen Medhurst Firstly, I really appreciate you responding. As a newb, I find myself asking a lot of questions that seem elementary to some, but I literally do not have anywhere to turn to ask these silly questions but BP and Facebook forums.
To my knowledge the property is not on any of those sites. I will check, and I should have asked him. He said that I could come by today to look at the property. I don’t mind doing that but I do not have a contractor’s eye to see how much the work may be. I do realize that I could have done a better job a qualifying him to see his motivation on moving.