New deal opportunity - Paterson, NJ

[Dipo Aromire]

My goal is to flip this to a wholesaler if I can.

Property owner reached out to me off one of my signs.

Property Details: 3bd/2a, in a good neighborhood

Asking Price: $115K

Recent Comps are between $160-170K

Contractor estimated repairs: $25K

I figure my max offer should be $94K i.e. (170,000 * 0.7) - 25K

The challenge I have is that the property owner mentioned in my walk-through with him that another investor offered him $105K which he said was also the amount owed to the bank.

The area is good and desirable so the property could potentially good above $170K into about $175K will go to an investor. There were some sniffing around while I was there with the contracctor that gave me the estimate. I don't think I can get it under contract at $94K.

Any creative suggestions on how I can get this under contract?