Making First Offer...Need Help

I need help determining if this is a good offer for this property:



2 bed 1 bath house in a good neighborhood near a university.



Average rent: 625

sqft: 950

no repairs needed

ARV: $55,000

Asking price: $27,000

Offer price: $17,000

Wholesale price: $19,000

$2,000 profit



What do yall think?





Comments(5)

  • haynesm23rd December, 2008

    I’ve not done any wholesale work, but I am wondering why you are wanting to sell the property. What is the interest and payments on a loan for 17K, or 19K or even 27K. I haven’t checked them out but I would think the payments are far less than the $625. and rentals near a college/university do real well, so I am told.

  • bennett095th November, 2008

    I am a wholesaler/investor that lives in California, but only invests places like Pennsylvania,Ohio. I have no problem investing out of state. You just have to do a little more research.

  • ReneeK16th November, 2008

    Do you have an associate you work with in other States, who actually looks for and goes to view these properties?

  • iangordon17th November, 2008

    How do you find your buyers? Im having a hard time finding legitimate buyers who actively play the game.


    Quote:
    On 2008-11-05 02:06, bennett09 wrote:
    I am a wholesaler/investor that lives in California, but only invests places like Pennsylvania,Ohio. I have no problem investing out of state. You just have to do a little more research.

  • Stockpro9917th December, 2008

    For most people I think that you should avoid areas where you have little experience or real knowledge.

    Values can be from all over the place and many of those peddling property in other states end up taking advantage of the buyers. In fact I know of only one or possibly two good stories from this scenario.
    [addsig]

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