Twist and turns initial rental turning into a flipper

[Hong Gao]

Second post. Learned a lot from the first post I did yesterday:). I put a house in a very good location under contract for 83K. Inspection revealed tons of major issues in the crawl space (flooding etc) and renovations will be major. Sellers willing to come down on price based on contractors’ estimates (somewhere around 30-50k)— waiting to see what price sellers will come down to. Initially I was planning on buying and holding to collect rent, now it looks like I probably will turn around and sell the property as is for a small profit. Price point very attractive at 80k ( compare to 120k for houses close by). It is an old house— do not want to deal with the issues. Need advice on how to negotiate with seller to get to around 50K where I probably can sell as is for a profit. Thanks!