Future Success - Crazy Deal

[Andrew Smith]

I leave the Home Depot and realize I missed a call on my business line. Oh well, it was probably just someone looking to sell me SEO again. Of course, I still listen to the voice mail when I get in the truck, and good thing I did! The lady on the other end wants to sell her home to me! This is my first real lead. I didn't know how he got my number, but I sure was glad she did. She left her address and some info and the message was over.

I'm excited. My heart is pounding, I have to remember to breathe. I head home, compose myself, sit down at my desk and call her back. We have a nice conversation and she tells me that she wants $175,000 for her property. We set up a time to meet tomorrow.

I jumped on my computer and start doing my research. I pull comps and I'm astounded. I removed the outliers, actually drove to get a view of the home and the other "comps." I got home, removed one comp because it probably wasn't, but once all is said and done, I'm showing the ARV is somewhere between $308-$315k. I'm still not quite sure. This is my very first real lead, and therefore, my very first real estate deal.

I know how to negotiate, and I will, because I don't want her to think "that was too easy." I'm just thinking to myself, "this is too good to be true." I only plan to wholesale the property as taking on a reno project is not good timing for me know, but there is probably room for me to make $20-30k, even if repairs are $50k. I know it needs a new roof, that was apparent, but there didn't seem to be a ton of work to do on the outside. I know the inside will be dated, so there will be a lot of work in there, but overall I feel like I've got a really good deal on my hands.

Any advice? If you need more info, please ask.

-Drew