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Updated almost 8 years ago on . Most recent reply

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Anthony Mancuso
  • Real Estate Investor
  • Rochester, NY
0
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16
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Showing Buyers Wholesale Property

Anthony Mancuso
  • Real Estate Investor
  • Rochester, NY
Posted

Newbie here. 2 Part Question.
Spoke with a motivated seller today about a good deal on a SFR rental home. Details below.
3 Beds / 1 Bath
ARV = $35,500
Repairs = Less than $5,000
Currently rented for $650 a month
Agreed upon price is $16,000

Just spoke with the seller on the phone and I initially offered $18K for the property. He countered at $16K if I pay all cash. I already explained to him that I would be but this definitely threw me for a loop. So I told him that sounded good and that I wanted to go over and see the property, take some pictures to show my "money partners", and sign the contract. I also told him I would probably need to bring my partners through the house at a later date. He hesitated and told me he didn't want the tenant to know he is selling so he would only be able to show me the house once and I can't take pictures of the inside. He doesn't want to have her be uneasy and spooked for no reason in case I don't close.

First Question - Should I be skeptical of this deal because of the uncommon lower counter offer and other stipulations?

Second Question - Will a buyer be likely to purchase this property from a newbie like me without being able to see the inside and only being able to go on my word and pics of the outside of the property to make a decision?

Most Popular Reply

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Rob Gillespie
  • Specialist
  • Cleveland, OH
839
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1,611
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Rob Gillespie
  • Specialist
  • Cleveland, OH
Replied

I gotta say, I thought it was a misprint when I saw the owner countered you lower. LOL! There is so much to say about this, and so little time to type it all out. I would insist on having access. You will get it if he is motivated. I would also have a weasel clause, and a 60 business day closing. I would ask the seller their real concern about the tenants finding out that the home is transferring. Deals always work better when everyone knows what is goin on.
As for investors buying from a newbie, I would not worry about it. Just have your numbers together, and no one will know the difference. I get houses from folks all of the time, and never worry about their past experience.

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