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Updated about 11 years ago,
First Deal Need Help
Hello All,
I have had my first wholesale deal under contract for a couple of weeks. I know my mistake was not getting it under contract lower but with the pay off amount for the homeowner and the lack of repairs needed I thought it would be a good deal for a buy and hold investor. Especially if they get 20% down on an owner finance. I don't know a whole lot about calculating cap rate and PITI yet but here is what I do know:
ARV $105-$110K
Repairs less than $2,500 non needed to rent out
Rental Comps $1250-$1350
Asking $94K
Property located in a suburb of Houston
Any creative ways of getting this property sold to the right buyer?
Thanks for the help.