Driving for dollars lead!!!

[Edward Teibowei]

I was out just driving around my area today when i happen to see a house with a for sale by owner sign.  I took a pic of the house and the sign and when i got home i did my research and found a listing for the house on trulia.   It said fsbo and he has it listed for $250k. It has also been on their for 180+ days.

I checked some of the comps in the area and they range from $30k to $145k.  Although a house about half a mile from it in a different much nicer community sold for $289k.  I am just starting to learn wholesaling and have not made any calls to anyone yet so this would be my first one.  

My question is what kind of offer should i approach him with.  I was reading about the 70% rule.  That would make my offer around $170k - $175k.  Can you guys give me any pointers on how i should approach this guy?

[Edward Teibowei]

Originally posted by @Account Closed:

What are you planning on doing if the owner says yes to your offer?  I would invest some time with a real estate agent or a local investor wholesaler to learn how to comp a property The method that you are using is not useful and is not even a comp system Driving for dollars is not looking for homes that you have no idea of the market value  or a plan to make money from your efforts. Start laying the foundation to build up the skills needed to make money  thru study research and networking before you spend any money on a property 

Thank you for your advice Steve.  I used this website called findcompsnow.com which I happened to find while researching about real estate wholesaling.  That is where I saw that most of the houses close by to that house sold for between $35k to about $140k.  I copied some of the addresses to these house and was going to drive by them today to see if they looked at all similar to this house im interested in.  

My plan was to contact this seller and talk with him to see if he is motivated. I think if his house has been listed for 180+ days he might be motivated. IF he did accept my offer i would need to have a look at the place to see if there any repairs needed at all. I did see pictures of it and it looks to be in good shape though. I would then need to get it under contract and find a buyer. This is all new to me but i figure the best way to really learn is to get out there and get my feet wet. I am still studying and researching but I have not had a chance to make it to the REI meeting in my area last month. I do plan on going to the next one in 2 weeks though.