Super Newbie with a Possible Deal (Need Advice)

[Trip B]

Hi Bp, I've been looking and learning from here for sometime. Putting things I've learned here, I put things in action and put up some bandit signs in the area. The phone started ringing and the first call was this:

Two Family House

STYLE 2 Family
MODEL Residential
Grade: Average
Stories: 2 Stories
Occupancy 2
Exterior Wall 1 Aluminum Sidng
Roof Structure: Gable/Hip
Roof Cover Asphalt
Interior Wall 1 Plastered/Dryw
Interior Flr 1 Fin WD/Carpet
Heat Fuel Oil/Gas
Heat Type: FA/HW/ST
AC Type: None
Total Bedrooms: 06
Total Bthrms: 2
Total Half Baths: 0
Total Rooms: 12
Bath Style: Average
Kitchen Style: Average

Living Area 2,578 square feet
Replacement Cost 222,986
Year Built 1935
Depreciation 30%
Replacement Cost Less Depreciation 156,100

BAS First Floor 1037 1037
FAT Finished Attic 1008 504
FOP Fin Open Porch 224 0
FUS Finished Upper Story 1037 1037
UBM Unfinished Basement 1037 0

Total 4343 2578

Current Assessed Value
Total: 131,880
Zestimate $137,500

Owner says it needs roofing work done and the porch needs to be fixed

There are 2 tenants one is paying $900 a month
the other isn't paying anything but is a family member which a reason he has to sell not making much money.

Owner owes property free and clear and is looking for $70k or best offer.

Comps in the area are about 115k
so 70% is 80,500 - 20k repairs - 10k my fee = 50,500

Supposed to meet with him today, my partner set the meeting up before I could talk to him.

What do you guys think?

[Michael G.]

CTREIA is good. Say hello to Wanda if she's still a member. My first trip to New Haven was to visit Than Merrill and Paul Esajian office to see how they ran their REI business. They've since moved to CA but those guys know wholesaling and rehabbing. The best way I've found to get cash buyers is to have a realtor run you a report on properties that sold for cash in the last 6 - 12 months.Take that report to the county clerks office and cross reference the address of the purchased properties with the owners on record. The recorded deed should show the address of the cash buyer. Send him a letter saying you have a property for sale. Inbox me with your email address and I'll send you a sample. Watch how quick you build a solid buyers list with real players. Some of the jokers I run into on Craigslist are tire kickers. They are pretend investors who want to TALK about deals. At leat thats been my experience. The guys who are buying houses for real, their names are sitting on those deeds. Thats who you want to be doing business with. The real players names will show up as buying several properties in your area.