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Updated over 4 years ago,

User Stats

5
Posts
2
Votes
Mohammad A.
  • Investor
  • Pittsburgh
2
Votes |
5
Posts

How to proceed with this motivated seller?

Mohammad A.
  • Investor
  • Pittsburgh
Posted

Hey guys, I'm a little confused on how to move forward with this seller! They returned a voicemail I left earlier, and explained that they would like to sell their 4/2 duplex as soon as possible. They mentioned they are scheduled to list it with an agent this week, for 80k, but would accept 70k if they could sell before then. They mentioned they haven't had any offers yet but have an investor coming into look at it in two days, and I'm trying to figure out the timing of this all.

They have two tenants who have been there for many years, and are collecting 500 and 550 in rent from them currently. I asked about the condition, they mentioned they rehabbed the bathroom, the flooring for each unit (tile and laminate flooring), as well as the kitchen counter - all in the last 5 years. They did mentioned the garage roof will probably need replaced, but nothing else. Looking at exterior photos, it looks like it may need a little touch up on the outside. I have a ballpark idea of the rehab/ARV but still working on it. Initial estimates put ARV at 95-110 and rehab at 15-30k (less confident on this).

My two questions are...

1) As a wholesaler, how do I go about getting this under contract, before they decide to list with an agent, and at a number that makes sense?

Since I would obviously need to get in there and inspect the place (ideally with my buyer and his team), but can't do that until it's under contract, should I just offer a low estimate (say 55k) and send over a contract with contingencies for inspection? What if they don't want to wait and just list it with an agent? Are there any more questions I can ask that would help facilitate a solution? I'm really not even sure what to say when I follow up..

2) How would we even inspect the place with tenants present? Does the owner typically just let them know people will be coming in?

If it's not obvious by now, this would be my first deal, and my first time going through this whole process! I don't really care  about the money on this deal as much as the learning experience and how to handle these situations. If there's anything I'm leaving out please let me know, thanks all!!!