Despertate need for assistance!!

[Mike Nelson]

I've been scrolling through my list of vacant homes in my area. I was able to track down an owner who's intrested in selling his property. (this is my first wholesale)

He mentioned that he's lost a lot of money in this property and he doesn't have the time to fix it up. He purchased the property in 2006 for 46k, the city has it assessd for 75k with improvments. On zillow it's assessed at 59k and houses in the area have been selling around that range.

My question is, what should I offer this guy for the house? I'm expecting atleast 15k in improvments.

[Jackie Pyle]

Mike, Two comps are not very much to determine value. And I would not include the reo sale. So that leaves you one comp. Call a realtor and see if they can pull you at least three recent sales in the area. If you plan on using a realtor to sell the home they will be more than happy to oblige. If you are using a realtor to buy the home then make them earn their pay. If you can develop a relationship with an area appraiser it will make it easier to evaluate properties. I ask, ask, ask. There are many people out there that are more than happy to give you information including realtors and you need to develop as many of those relationships as you can in this business.