Can you tell me if this deal is worth locking upl??

Can you tell me if this deal is worth locking upl??

Rental Property Investor · Atlanta, GA · Member since 2012 · 256 posts · 64 votes

My partner and i have an appointment with a seller tonight, but I am trying to make sure i am not wasting our nor the seller's time.

This seller and her spouse are moving to West Coast and have already began to pack, will be gone from the state, if i'm not mistaken by end of this month, which is where motivation comes from.

i have an Attorney in place who gave me an assignment contract and i would use his firm if and when deal were to close.

My RE broker i use ran comps for me and here is the details

175-200k comps(she said comps were scattered, since this is a rural area)

No major repairs needed.

Loan balance is 22k

we offered 90k, they accepted 102k.

Home is in Clarksville, Ga

Seems to be a good price to buy, but what i am worried about is that this probably would not be a good area for a RENTAL, but only a retail sale(from a cash buyer's point of view)
The areas i usually focus on are blue-collar, high-occupied, metro-line areas that are rent-able, not sure if i lock this up if it will be attractive to investors since it is way north of Atlanta metro/suburbs and in rural area.

Can anyone make any recommendations before i go to give seller the contract?

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  • Investor · Dallas, TX · Member since 2013 · 619 posts · 128 votes
    13y

    You mentioned assignment so I presume you are looking to wholesale this property once you have it under contract correct? What are the days on market for similar properties that sold in that area? You could use the DOM to specify the length of the option period on your sales contract with the sellers to buy time to assign the contract.

  • Rental Property Investor · Atlanta, GA · Member since 2012 · 256 posts · 64 votes
    13y

    that's a great idea! i'll have my agent find out the DOM for the comps now, thanks!

  • Rental Property Investor · Atlanta, GA · Member since 2012 · 256 posts · 64 votes
    13y

    oh and yes, looking to wholesale this property

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