Subject to on an expired listing

[Joshua Hove]

Hello BP community,

I recently came across an expired listing and after looking into the property and running some numbers on the BP calculators believe this could be a very profitable fix and flip. The property has been on the market since July 2019 (4 months) and last sold in June 2018 after being on the market for the previous 2 years (since June 2016). I wonder if current seller bought in 2018 with intent to flip but didn't have the money, knowledge, or resources to follow through.

Asking was about $180k and comps in the area are over $300k. The biggest question mark is the foundation issues which I'm thinking at worst case would be around $25k to fix and then another $50k in rehab and freshening up. All in around $255k and ARV of $300k.

How would you go about contacting this seller and what do I need to know and do to get a subject to put in place?

Thanks for the help! Love this community!