All Forum Posts by: Mikki Johnson

@Raymond B.  Thanks Raymond, was wondering how to make that work out...

Hi Andrew,  

That was one of the questions that I asked him ( seller financing ) he wasn't interested in that.

He's looking to move on to investing in multi units, and said he would just hold on to it if he can't get the asking price.  

@JosephBall I hear you loud and clear! Message received. I just wanted to make sure I wasn't just walking away at the first "no" response.

BP,

I just made my first offer on a property with the intention of wholesaling it out.

FMV is estimated at $150k, which by the way is the asking price from the seller.

With the advise from some of the other BP members, factoring in having to apply a new roof, along with other minor repairs / cleaning and fixing. I have offered $71,800 cash.

The Seller declined, stated that it was less than half of the stated asking price.

Currently, the property is being rented out for $1400.00 and the seller has stated that the tenants are willing to stay.

So, opinions or options please? Is there another way I could make a counter offer on the property so that it would still be attractive to an end buyer and priced accordingly to leave room for a  small assignment fee for me?

@Peter Mackercher Thank you so much for the input, quick feedback and advise. Seller stated that there are no leaks or damage, but like @Ron Drake mentioned, I'm certain a roofer will need to be called in...

My questions is for the rehabbers'... I just finished a walk through on a potential deal that I would like to get under contract for wholesale. Per the Seller the house was built in 1978-79' (need to confirm) but this is a snap shot of the roof. Does anyone have an option, by looking at the photograph if it needs to be replaced. BTW, Seller does not know if it had been replaced previous and he certainly did not replace it Thanks BP

@KayW I just wanted to say hello as well and welcome.  BP is really awesome; to your success!

@AndrewDavis Thank you so much for the added information and words of encouragement. I do need to ask and please forgive me if this sounds naive; let's say the property is in good standing (minimal repair etc), do you think it would be wise to use the 70% ARV formula and at what point would you say it no longer fits a "wholesale" criteria? I guess what I'm asking is in your experience or as a "rule of thumb", when is a deal not advantageous to a rehabber in regards to minimum profit? Hope that kind of made sense...

@Brandon M Thank you for the feedback, greatly appreciated

Hello BP Community:

I came across a FSBO in my area.

Asking $150k 3/2 with pool.

Willing to negotiate, but not interested in owner financing.

Currently has a tenant paying $1400.00 and stated that the tenant is willing to remain in the property.

I will be doing a walk-thru soon, but based on the Seller “it is more or less turn-key” and has been renovated thru the years.

After walk-thru will I should be able to ascertain how much will be needed in repair cost.

I have looked at the County tax assessors site:

Just Market Value $110k

Assessed Value $66,800

My first question is can someone explain the difference in the County information Just Market Value and Assessed Value, and how can I use this information in determining a "Comp" without the MLS?

My Second question, with the info from the other sites, has anyone found one over the other to be more in line with what the MLS might determine?

I’ve taken a look at these Internet sites on the property to try and get an overview of what the property should be worth:

Redfin $135k

Zillow $144k

Totalview $116k

My Third question, based on professional opinion, with the information provided could this possibly qualify as a wholesale deal and would a 70% ARV calculation work?

Hypothetical: ARV=$140k x70%-($5k minimal repair)-$7k assignment fee: Max Offer: $86k

I do understand that it would certainly come down to the Sellers level of motivation.

Any input on this would be greatly appreciated.