So I came in contact with a guy in the DFW Metroplex one of the hottest neighborhoods in Tarrant county right now. the ARV is 200K although he said his appraised for 215k looking at numbers and recent comps I determined the low-end 200k which im going with. So he has a Morgage lien for 78K he was in preforeclosure. He said he paid the 8k the mortgage company told him to pay to keep it off the auction so he owes a total of 70k on his lien. Now talking with him about the detail of the property he said he just installed new floors. He said it needs a new paint job, and something with the fencing and some sheetrock as well. he told me he was trying to get it "rent ready". We decided to schedule an appointment for 2 weeks in the advance which scares me because I know that he is trying to fix up the property because he says " I know ill be able to sell it for a little more money" Now I'm debating whether I should try to follow up with him and get him to let me view the house and make a final offer on it before the weekend when he plans to get the Paint done on the house. That was I can give him my offer on the property AS-IS. How should I tackle this deal? Should I let him touch up the property before I can make my final offer only knowing it will cut into my profits?
now I told him which was my first ballpark estimate which was around 140K he says he wouldnt entertain even 120k for this $200,000 dollar property. But I am going to give him my first offer at around 102k and my max offer will be 120k and thats estimating around 18k in repairs if it needs it. which also leads me to my final question. Is that a Good Deal? Am i getting this property cheap enough if I do end up getting it under contract for 120k ?
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Thank you!
-Z Crosby
