I made my first offer!!

[Shawn Vassel]

After a few months of research and educating myself on wholesaling and the proper way to go about things I finally made my first offer. I know that the first step is often the hardest to make and im so excited that I didnt get caught in the continous cycle of research and more research and even more research and scared to make the first step. I thank the members of BP for helping me get to this point and the continued support over time.

Well here are the numbers.... Its a 1bed 1 bath 900sq ft. condo. The area is ok, not trump towers but its not slum village either, close to highway, shop, downtown and even a mall. The taxes are $355.19 a year and the condo fees are $125 a month. The insurance will run $250-350 a year based on coverages and deductibles. There was a tenant on the property as recent as 2 months ago and they were paying $700/month. Comps for this area are in the 40k-55k range. I know thats a wide range but thats what they are going for. The seller wants 23,500. He lives out of state, has owned the property for about 20 yrs and doesnt want to deal with it anymore, so there is plenty of motivation...

The father who showed me the property did some cleaning and some painting because the previous tenant left the place a mess but there is still work that needs to be done. More cleaning, new carpeting, some work to the bathroom and kitchen to get them up to date. There is a stove and refrigerator being left with the property but those most likely will be replaced. All in all repair costs wont run over 8k for a place of this size.

There are two other bids on the property, one from a cash investor who owns a another condo in the complex and another from a regular person looking to use conventional financing to purchase. If I get the property under contract, I have a good buyers list and a few specific buyers that are looking to buy condos in this area and this is great price. Ill also ask for the information for the other bidder that wanted the property to live in and see if I can work out a lease option with her for this place if my end buyer wanted to sell down the line but this is more of a buy and rent type of property. Two deals on one property doesnt sound too bad tho.

This is an exciting time for me and ill keep you guys in the loop as things progress.