All Forum Posts by: Kimberly Martin

@Account Closed Thank you for your quick reply! Do you think that I should call the seller back before our meeting on Saturday, and make an offer? Your right, there are many opinions on this. I am not even sure how to word this over the phone. I guess this is something that, over time, I definitely will need to work on (negotiating, that is). I have been doing tons of research on investors that make offers sight unseen (like, with out-of-state wholesaling), and I would love to know how they make offers on homes to sellers who always think that their home is worth more? I know, only deal with sellers who are motivated! This sellers sounds motivated, but has their home at FMV.

Hello!

I have been reading some of the related forum discussion on making "site unseen offers" and I'm still undecided as to what to do. I have a seller that wants to sell her home fast (she is retiring-in her 70's). The home is a 2/1, 800sqft, ARV is $93,000, and she wants $90k for the home. Of course, I will offer lower, but just wondering, I have an appt to see the home this Saturday. Should I just tell the seller the numbers that I can work with up front, and then see if she is interested? Going to see the home ( I've seen the pics) seems pointless if she doesn't want to budge on price. The home needs about 10k in repairs (from just looking at pics), because the seller has done some reno work over the years. I don't want to put the seller off, by making an offer on this property sight unseen, but also feel that it would be a waste of time to go see a property, knowing that we could never come to an agreement on price. The seller says she will entertain all offers. I assume that means she will go with the highest price. The home is in a good rental area, and would probably rent at $750 per month. Sorry this is so long. What do you think? Thank you for any help!

@Bill Gulley Thank you for clarifying Bill. Also, Since you are a seasoned investor, could you give me some advice? How do you feel about investing in the inner city ( the "hood")? Do you think that it is wise? Thanks again for your help.

@Bill Gulley

@Andy Collins You are right, Andy, I shouldn't bicker over 2k and miss out on a deal. I should tell you that I am a wholesaler, and was going to flip this to my end buyer.

@Robert Leonard You have given me some food for thought. You are correct in saying that the repairs could be around 20k. Of course, I am always looking at the numbers from my end buyers' point of view. I did a little more research on the area that the home is located in. It is a high rental area, but also a high crime area. So, yes, I am not so sure this could be a slam dunk. I have to consider my buyer's criteria, as to whether or not they would like this neighborhood. Thank you for your advice. Any other insights you may have on this "deal" is greatly appreciated!

......starting this reply over...

Hi!

I have a seller with a 2/1 in a high rental area, 780sqft...rents run $550-$600..Pulling comps on this home shows ARV at $54,284. He wants $19,999. Needs $10k in repairs, which will probably be more like $15k. House is in decent shape and could probably be brought up to rent condition fairly quickly. I wanted to know from my fellow BP er's here if I should try and get him down to maybe $17,999. Not sure. I am not trying to do "eraser math," but this deal does look good. What do you think? Thank you for any and all help in advance!

Thanks Jon, you are right, he is asking retail price for his home. Not motivated, and would be hard to profit from this. I do have a specific buyer in mind, but (putting myself in his shoes), he would look at this as a bad deal. Antonio, I did offer him a much lower price at $92,800, and well, he flipped out about that. So, this was definitely not a motivated seller. Thank you Ken Siew, I know this buyer pretty well, and the neighborhood that the home is in is something he would consider, but the numbers just do not "jive." But, thank you again. I will remember to think about buyer criteria in the future. Oh well, I guess it was a learning experience? Anyway, I will keep plugging away!! Thank you for trying to help this newbie! Jon, Ken, and Antonio. One day I will look back on all of this....

Hi Everybody!

I have a motivated seller that I am meeting with this Saturday. This will be my first meeting with a potential seller. So excited! I have run all of the numbers on this home, and the seller is very young, and wants to move out of state very soon. The ARV on the home is 164K and he is selling for 143K. Alright, I know this is not 70% but, I am selling it to my VIP buy/hold buyer (landlord), and the nearby rental income comps look really good. I will negotiate for a lower price of course. The repairs may be around $17,000(1712 sqft). Not sure, of course, until I actually see the home. So, my question is how low should I go with the offer if I plan to market to a buy/hold investor and not a rehabber? Sorry if this is a really dumb question, as I know we are supposed to adhere to the 70% rule, but I could really use some advice on this! Thank You! :)

Thank you,

for the replies DJ and Teresa, but I think I might move on from this deal. The location of these homes is kind of far out of town, and it might be hard to sell these homes to a buyer.

...many apologies for the "6" typo...I meant "8!"...thank you!