I made an offer of $405K and he laughed at me

[Kurt Michaelson]

Well, I made an offer on this one and the owner initially wants $547K, and said he was willing to come down in price for a cash offer. I offered $405K and he laughed at me. He later said he'd take nothing less than $500K for it and I offered $450K and he hesitated to say yes and declined. He believes he can get $547K for this, but it hasn't sold for that in the last 3 years that he tried.

The interior looks good, it's the exterior that needs some work, to bring it up to market value. ARV would be $585K - $600K.

I used the BiggerPockets calculator for this one too, which was a big help for me in figuring out an MAO and how much to negotiate.

Google Photos of the house - https://photos.app.goo.gl/HBtdJEofanQiK5Ms7