FIrst Deal On My Own

[Amin Ali]

Hello everybody this is my first post and first wholesale deal I am working on.

The property is a SFH in a desirable area on the North Side of Chicago. Numbers are as follows.

ARV: $175,000

Repairs: $25,000

Assignment Fee: $10,000

Offer: $175,000 x 70%= $122,500-$25,000=$97,500-$10,000=$87,500

My question is the the house is on a slab and I am finding it difficult to find really good Comps that also are on a slab. I found about 4 properties on the MLS that were sold around $160,000-$185,000 but they still required some work on them. I also found homes with basements that were rehabbed that sold all the way up to $230,000. I figured saying the ARV was about $175,000 was playing it safe but I dont want to undervalue the home too much and present too low of an offer to the seller. Any suggestions would be greatly appreciated.

Thank you

[Steven J.]

@Amin Ali I'd keep that door open. Don't push him too hard. Although you're seeing all the signs of him putting himself in a hole lot of trouble he obviously doesn't see it that way. He's not going to be motivated until he's really in a hole. I suggest to just send a postcard or yellow letter every month until he contacts you. YOU can't make him motivated, but you can be there when he is.