my first offer on a property

[Harry D Johnson]

Hello BP need some help. I just made my first offer  on a property it didn't  go like I really was expecting,but it help me get over the hurdle of making  a offer so I'm good with that. Ok so my question is what should I do now with that offer? Should I wait him out until he comes down some more or go closer to his asking price  (houses in this market can sit up to a year or so before selling). Based on the info below what should my next step be.

ARV: 210

Asking:155k

Offered: 90k

He told me to go to hell,but he'll take 150k (Lol I think there's still hope)

The property is a 5bed/3bath move in ready house beautiful. 2,818 living space. 

My exit strategy would be brrr, lease option,wholesale.

Thanks in advance for your time and input.

[Donny Widjaja]

Hi Harry,

I am a newbie in real estate investment, so I might have a different perspective.

However, these are my thoughts after reading your post.

1. As a new investor don't want to be holding a house for 1 year before I can sell it back.
2. Honestly, it is not easy to sell the best house in a not so attractive neighborhood because the other houses will drag down the value of that house.  Unless, you can confirm there is new growth coming into that area.

If you really think the ARV is $210K, maybe you can try to find a buyer who wants to pay $170K for that property (as-is), and you keep $20K. Just a thought.