All Forum Posts by: Kimberly Martin

Hi!

I have a potential seller that is in failing health and wants to sell 8 homes that sit on about a 1/3 of an acre. All 6 are being rented right now, with 2 more on the site that are potential remodels. Rentals are bringing in $2800 per month, and the seller wants $275K for all 6 homes. I am just wondering how to figure out if this is a good deal or not, and if I should negotiate a lower price for all 6? The seller will definitely not sell each home separately. I did look up comps on what each home(1-2 bedrooms) in the area would be valued at separately and came up with about $15K each,so it looks like he is way over in price. I could really use some advice on how to structure this deal, if it is actually a deal at all. Thank You in advance!

Thank you Edward and Walter!

I actually did offer the seller $125k. He turned it down, but then revealed that he is actually an investor himself, that has partnered with a cash buyer, and asked if he could be put on my VIP buyers list. I got his buying criteria. So, I am not going to consider this a loss, but a gain, because as a newbie, I am definitely still building this list. Thank you again for the advice! I will know next time to follow the 70% formula.

Hi!

I have a seller with a 3b/2.5b home (1586 sq.ft.). The home doesn't need any major repairs, so I am not sure what to put down for rehab. Is 5K too low? or should I just go by the sq. ft. and say 15k even though I doubt the home needs that much work? Another question is that the seller said he would walk away from the home if I could get a cash buyer for 200k. The problem is that the ARV is $200k! so this leaves no "skin in the game" for my buyer or even an assignment fee! In addition, the seller owes $140k on the home and has an assumable mortgage of $65k. Not sure if I should bother with this. I could really use some advice. To do the deal at 70% I would have to get the seller down to 140k right? Would it be possible to offer the seller $150k and this be still a viable deal that I can market to my buyers? Thank you for any help with this! As you can see, I am a newbie!

Thank you for your responses! I have moved on from this seller, but will send him a "nice" postcard, so that if he does become motivated in the future, maybe he will think about the me. Special thanks to Tim G. and Ellis. I am definitely going to use this momentum to continue talking to both sellers and buyers. And, I actually like to cold call and talk to potential clients!

Hi Everybody!

I am just starting wholesaling and have been reading the BP boards now for 1 month and trying to absorb all the information that I can from the experts here. So much so, that I started to get "analysis paralysis." You see, I live (temporarily) in an active retirement community out here in sunny AZ, and have a property that I live close to that has been for sale (by owner, no mls) for awhile. It has been for sale a few times, then for rent, and now it is for sale with a lease/option. I have pulled comps on this home and its' value is around $96,000(2 b, 1b 1086 sqft.). Well, I have been very hesitant to contact the seller(Fear), but today I took action! I contacted the seller, and he wants way more for the home than it is worth($154,000). Nearby comps are selling for $95,000 in the past 4 months. I didn't want to offend him, but I asked what he wanted for a cash buy, and he said $144,000. Still too high. But I wanted to know from everybody here on the board. Should I just move on? or negotiate? The seller is now living in North Phoenix, so this is a second home that I'm sure he would like to get rid of. However, he sounds like he is emotional about the home(put in some upgrades). So, I am wondering, should I just move on? Or keep him on my radar, maybe for a sandwich lease? Please help! and apologies for the long post!Thank you for any and all advice!