Hey BP community,
Please to join you all. I have an on-market property under contract. Based on the photos the agent sent & the comps ran in the neighborhood comps pan out to an ARV of $280k-$285k. I made an offer of $155,000 (listed for $160k) + was accepted. The home (w/out inspection) has new appliances & a "newer" roof. So with all that said and speaking to the RE agent etc. I am estimating a medium to light rehab. I know I shouldn't put a price on it until the inspection is over, but to give myself an idea I estimated about 35k-45k for rehab. The home is owner occupied but we agreed on a March 15 closing, in which she'll be moved out.
So now that its under I began looking for a cash buyer. I signed up for propstream and got a cash buyers list in that zip code. The list is small only about 12+ ppl on the list and I can't seem to find the contacts for any of the LLC's. Any tips on finding those would be great!
As I began shopping it around I got a call from someone named Eric whos an investor+wholesaler in the area. He seemed shocked I was able to get it under contract. I told him I was very clear with the agent that I'd be assigning this and they were all on board. I also spoke with the title company to ensure they were experienced with assignment closings.
We spoke for almost 20 min, and he told me he didn't think I'd find a buyer. He valued the ARV at only 200k which seemed really low. When I had comps of recently sold homes ranging from $260k - $325k. So I was a little confused. He then said it was a tricky neighborhood and that anything left of "X" street wasn't considered high value. Part of me was happy to be given some insight into the neighborhood, the other half of me felt like maybe he was just trying to discourage me since that was "his" territory. Either way, I took his insight with a grain of salt.
I'm building a cash buyers list as we speak through propstream, or search local investment companys etc. Althought I've only contacted about 5-6 investors the ones that showed interest have been investment companies... the "We buy homes" ads at the top of Google.
Sorry for the short novel, but here are my questions.
1. Do I even have a deal? Am I wasting my time as "eric" mentioned?
2. How do I skiptrace contacts in propstream? I downloaded a cash buyers list & used true people search, but it doesn't work for business entities.
3. Since the property is owner-occupied I plan to set up an open house over the weekend where a handful of investors can view the property in certain time slots. How does the inspection work in this case? Should buyers come with their own inspections? Should I get an inspection done ahead of time? and who pays for the inspection.. is it myself or the end buyer? Are those costs needed upfront or built into closing etc.
4. ANY advice is appreciated. I know this is my first one so I anticipate mistakes, but that's how you learn.
Thanks all in advance for the help!
