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Updated about 2 years ago on . Most recent reply
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Seller is not motivated to sell
Hey everybody I'm currently in the talk of getting my first deal but I am dealling with an unmotivated seller. The building has no heat, no eletric. The sellers plan was to build a 3 family there but zoning will only allow a 2 family. Building has to be demolished and built from the ground up as there are many defects to it, So then they were going to renovate but decided it was too costly and time consuming, he wants 200K so he can sail away from real estate but the property is not worth that asking price in the current condition. This is my first deal and I don't have 200K sitting around. The numbers on this deal are fantastic after renovations with a cash on cash return of 859.19% but right now I am dealing with an stubborn seller and unsure of what to do should I back away from the deal? Let me know what you guys think.
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