Motivated Seller, Newly reno, Market Value

[Jazmin Purifoy]

New To wholesaling and worked up the never to call a fsbo. 

He wants to get rid of the property, just renovated to kitchen, bathroom, new roof and HVAC. Properties are selling for $300k and he wants $275k. 

Is this a good deal and how should I approach this so we both walk away happy. 

Like I mentioned I'm new to wholesaling and really want to learn as much as possible, so just learning from this experience will be ok with me if i cant close the deal but would still love to walk away with something. 

Any tips would be greatly appreciated. I'm also open to JV if I am able to get this property under contract.

[Jerryll Noorden]

This is not a good deal.

Simple reason is this. .. the selling cost will be about 10% of the sales price. That is $30K

So out of the gate this deal already wouldn't work because you are already $5K in the negative.

You still need to get your fees out etc. etc.

Just as a guide..

if the house is worth $300K, my offer likely wouldn't be higher than  $170K

Granted this would cover about a $50K repair cost budget, and that would be tight. My assessment is that you are not dealing with the right audience.

Finding someone willing to sell, doesn't mean he is a motivated seller.

Selling a $300K house for $275, is not what I would call "selling below market value".

I know this is not news you would like to hear but I am just being honest here.