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Updated about 2 years ago,
Asking for feedback on a ws deal from an investor who passed...
Hi everyone! So glad to be a part of this community and for all of the information I've obtained here so far. I'm new to investing and currently implementing wholesaling as a strategy to build capital before scaling into buy and holds. I educated myself to death and finally started taking action, and I have a deal under contract! Based on everything I learned over the past year I felt it was a pretty good deal, but I'm having trouble finding a buyer. I've had a lot of interest, probably based on the location, but once I send the full details and pics over to investors....crickets.
I finally had one buyer come by and view the property and he completely lowballed me on the offer. At first I thought maybe I had grossly underestimated the cost of repairs, but after review, I don't think I could have been that far off. I estimated repairs anywhere between $50K - $60K, total rehab, with a 30% ROI. Based on their offer, they seem to be estimating the cost at somewhere like $120K...for a 1,900 sq ft manufactured home.
As I'm new to this and really value the opportunity to build relationships, I'm not sure how to approach this buyer for feedback. Is it appropriate to ask for a breakdown of his numbers and how he got to his offer? What other questions would you ask? Am I placing too much stock in this one person's opinion?
I appreciate any insight you all have :-)