OfflineFound a property down the street from me that I am interested in assigning, but I am unsure how to figure a fair offer. It was inherited by the current owner, and (unfortunatly) has been almost fully upgraded at this point with the exception of a new fireplace sleeve and front porch. Tax assessment is 98,000, five acres (mostly wooded) and has been sitting empty while being remodeled - at least 3 years. Owner is asking 145,000. There was a double wide with approx same sq ft sold this year across the street for 190,000. and there are new constructions in the area that have sold for 135,000. I have a possible investor, but how do I figure what to offer???
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Sent an email to a agent/investor on the western shore who said he would run some comps etc for me. Is this a smart move, or am I setting myself up for a snake if I don't have a lock on the property yet?
Possibly could have missed out on a potential bird-dogging fee. I guess it depends on how you presented yourself. I definitely would have told the other investor you have a great deal and would love to assign it, OR, let him know that you could atleast find him the great deal for him/her for a fee.
To answer your question, you could have... but keep on pressing.. never know. My question to you is did you run ALL your numbers? Also, How motivated is the person to sell?? You sure your gonna make a killer deal?
Knowledge is Power
- Pimpedoutgeese
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
I didn't send any address info of the comps yet. I have been checking around myself on the Maryland taax assessors real prperty listing and the owner is well on the high side of sales price/ tax assessment ratio in the area. But there has eben a lot of work done on the house, Maybe too much. May not be my best deal but I am going to find out her bottom line, and go from there. Price wise her asking is within range of similar aged homes and sq footage in the area. I am gonna keep lookign tho, cause even if this one does not work out, something will.
Just run your numbers windrider1967. If it can't net you a profit, or if feel the profit is not worth the risk/effort, don't bother with it.
Also, unless your going to be living there try not to put too much emotional attachment to it, I think most people do this. Especially the first deal, ya know... I did even tho it didn't go thru.
Anyways, I usually look for under FMV, if it's too close then there is not enough profit for me vs. risk, I know in some situations that is wrong but for the most part I don't believe it is.
As long as you do your homework, due diligence, run your numbers, etc., you'll be fine!
Knowledge is Power
- Pimpedoutgeese
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”