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Updated over 7 years ago on . Most recent reply
Help in South Denver
Hey Colorado investors. I have a lead on a property in highlands ranch. It is literally a turnkey. There are renters in it right now and have a lease till June. The owner is out of state and wants to get ride of it. It is a 3/3 1,400sq/ft. According to Zillow, I estimate the comp to be around 380k. I'm not sure yet what it is renting for currently, however renter comps in the area are around 2200-2500 a month.
Now the question...I'm still a newbie investor, have yet to do my first deal. I have been focused on wholesaling, however I have not landed anything yet. I just started my first mailing campaign, hence the potential lead. I do not have any of my own money to invest. Although this seller is anxious to sell and willing to do it at a discount without a realtor, she is not a "Highly" motivated seller, or at least I don't think I could do a wholesale deal with her. Because of this, I'm trying to figure out the best option for a property like this. I was planning on making an offer of 330k to start things off. What do you think. Not sure what to do. Any help would be greatly appreciated!
Most Popular Reply
Thanks everyone for your advice on this. Just a follow up, this turned into my first deal. I was able to get her down to 315k and then wholesaled it to a couple of great guys I met through this post for 325k. Just closed yesterday. Now on to the next deal.