All Forum Posts by: Brandon Proctor

Details on Property:

-2bed 1bath main floor

-2bed 1 bath with living area in basement (partially finished)

-1556 sqft SFH on 10 acres.

-Estimated repair 35,505

-Comps 200-300k (says seller)

-Seller asking 150k

I'm leaving out the ARV because I'm not sure, its been difficult to find a house in the area similar to this one. I'm sure the number of acres affects the price of the home but I'm not sure by how much. Seller mentioned that it was 10k per acre, that sounds pretty high. I know ARV is very important but I just want to know what you all think about this property.

So I recently talked to a nice older couple who wants to sell their friends old house (friend is in nursing home).  They mentioned they don't want to see the house just deteriorate and not sell. Of course I said I'm interested in buying and asked how much they think it's worth.  The older gentleman figures between 150-200k and they also mentioned the house is on 10 acres of land. 

Now bring new to wholesaling and figuring out comps Im not sure how to go about this one. The house is near other homes but it has by far the most land. How should I go about finding the value of this house BP?  

Thanks!

Great responses @Steven J. I couldn't agree more. I politely got rejected yesterday by a potential seller. She wanted wayyyyyyyy too much for her rental house. 

The same night I did a over the phone offer with another gentleman and he wasn't very happy about my offer. It's not fun but I have to make money too. 

Wholesaling is definitely not easy, it take hours and hours and then more hours of researching. After that it takes hours and hours of marketing (which also costs a bit of money)

After you market the calls start to come in then it takes hours and hours of vetting prospects and then researching the houses and the neighborhoods you are getting calls about. After all that hopefully the deals start to come in.  Of course finding actual deals and then finding your end buyer. 

I quick explanation of wholesaling in a nutshell but there is plenty of info on this site. 

I just knew I was gonna make thousands on my first potential deal (just kidding). It's definitely not easy because the owner was sure her house will sell for over 100k which is no where near what she said earlier. 

I told her to stay in touch and I will also keep keep in touch. So just keep mailing her monthly you think?

UPDATE: I didn't walk away with a contract, seller figures her house is worth way more. I do feel a sense of accomplishment though and ready to get back out there and use what I have learned. 

Note to self: Vet the prospects better and don't chase bad leads. 

Thanks @Brenda Lyons  I'm super nervous. 

Thanks everyone, to be clear I'm not attempting to screw over the seller. I'm going to try my best to sell the property and I have a few buyers that I have mentioned the propery to.

Now I have to negotiate to a price that works for everyone. I only asked just so I have all my bases covered. 

Thanks @Sam T. @Karl James you guys are lifesavers. I was freaking out because I didnt know how to word it. 

How long would you give yourself you find a buyer? I assume you have it in your contract. 

I am very nervous about tomorrow and negotiating the final price for a property I have been analyzing all week. 

I know the seller wants to sell and soon. If and when we come down to a price that works, we sign a contract which I know. My question is about the verbiage, if I cant find a end buyer in "x" amount of time I can walk out of the deal. I'm assuming it maybe frowned upon to do this but I do want to make sure I'm covered. 

Thanks BP.