I have a potential wholesale deal (my first!) that is for a Buy and Hold investor. The property is located in Austell, Georgia (northern suburb of Atlanta) and is on Austell Road. The 3/2 house (built in 1962) is rented for $900/month currently (est. rents in the area are $1,100), I would sell it for $110k in order to make a small wholesale fee. Here's the kicker - most everything in the house has been updated over the past few years - hvac, plumbing, roof, floors, kitchen, bath etc. for $30k. Therefore, it's renter-ready (obviously!), but my feeling is maybe he put too many updates into the house??. Current renter has been there 4 years. The house values at $114k on trulia, so I know the '30% of ARV math' doesn't work, either. However, there's a lot of community development being done in the area (ie., sidewalks, park access, etc.) which will increase home values, eventually. In fact, he claims a local realtor offered to list the house for $160k (!!!), only if he would let the listing be for 10 months. ($160k - seems to be a PIPEDREAM!!) He wasn't ready to sell at that time. I found him via my first yellow letters campaign.
I don't think I have anything here, but thought I'd get more involved on the forums, so that's the reason for this post. Thank you to all for your comments. Looking to learn a bunch...!
