First Potential Deal in San Antonio

[Enrique Villarreal]

I've been reaching out directly to potential sellers in San Antonio and I've finally had a decent conversation with a gentlemen who has invited me to look at this property. I've been targeting my direct mail receipts with the expectation to wholesale their property and during my conversation with this particular gentlemen, he mentioned his current property manager is also a realtor and has recently listed his property on the MLS at full value. During our conversation he admitted that his property has quite a bit of work required, he had it quoted a few years ago at $55k (roof, foundation repair, sprinkler repair, paint int / ext. & siding repair were the biggest and this may be a low estimate when I hear foundation) and the best offer he's received was a seller financed option at 80% of ARV, but he wasn't interested in this, he wanted the money to move on and he doesn't expect a full market value.

So this bring me to my question, since this property is on the MLS already, is there any point in pursuing this opportunity as a wholesale, even if he doesn't expect to get full value?  If I feel I I can get his agreement to a 60% of ARV all cash, would a double close be an option as a wholesale?  Even if this is an option, is this a feasible strategy in the San Antonio market?  I'm curious to hear if anyone has input on this scenario, I'd hate to be wasting the seller time by walking the property.

Thanks!

Enrique V.

[Rick Pozos]

I would go look at the property anyway. 

First - its good practice to look at properties and talk with owners.

second - The quote that the seller got could have been from a high priced general contractor. The repairs may be 30k instead of 50k. You may be able to do a little of the work and hire some people to get it done even cheaper.

Third - By the time you see it with the seller, he may really like you and agree to your price.Connection is very important when purchasing a home. How you talk and get along with the seller may persuade him to sell you at the lower price.