The 5 bedroom 3 bathroom sore thumb

[Mark Fagan]

Hey BP fam, today i received a call from a "motivated seller" with a 2009 build, 5 bedroom 3 bathroom house in Pearland TX. According to the seller the house is in good condition, sits on 3 acres and is worth around 350K. 

I shoot it straight with my sellers so i was able to build up good rapport very quickly. The seller claims to be using the property for business because there is no deed restriction. 

The seller also owes 15K on the property. The wants to sell very quickly so she can start investing in other real estate. She is also tired of wholesalers locking in her property for months and unable to move it.

She says if i help her sell it she will partner with me and fund my future deals.

We agreed to meet at the property tomorrow so that I can look for some value add. I was unsure of her motivation and did not have enough info to ask for an offer.

I used google maps to eyeball the property. It sits isolated from the surrounding houses. The surrounding houses are a mixture of mobile homes and smaller 3/2 the area is more of a ranch type setting with room for future development.

Based on some pics the interior is well kept but the outside is just plain bland. The house has nothing that grabs the eye, a very basic combination of colors, the window look like the windows of a starter home. There is no driveway, no landscaping just grass.

With that being said  I think a fix and flip is out of the question, there is not enough feasible value add.  

Any suggestions on how to approach this deal ? I really dont care if i make money or not on this deal. if i manage to move such a tight spread. The experience alone would be worth it.

The closest comps is a 97 build 4/3 3.72acres for $475K beautiful ranch property with full driveway

and a 2010 build 6/4 , sitting in the middle of nowhere for 350k

Thanks

Mark

I will get pics tomorrow