Hi CashFlowDepot members,
I am meeting with an owner of a property that inherited a property from his mother.
He is not interested in the property and would like a quick sale.
Some details:
Beds: 4
Bath: 1
Sq Ft: 940 sq ft
Lot: 5000 sq ft
Built: 1924
Asking; 730k
Market Value: 950k – 1.2 M
My current thinking is to get the property under contract and wholesale the property to a rehabber and collect an assignment fee on close. I understand that there are many schools of thought on what to offer. I understand that often that you take 70% of the ARV. So without looking at the property, if I take 70% of 950k which is the low end of the range a reasonable offer could potentially be 665k – 700k.
In any case, I would be interested to understand from the community how best to structure the potential deal.
Thanks in advance,
Ray