Sean Evans wrote:Hey guys and gal! As most of you know I'm still pretty new to wholesaling.
I've got a motivated seller with an interesting situation, and I'm wondering what is the best thing I can do for him?
He's got a 4 year old home that he built. TAD.org says appraisal around 112k, but the neighborhood is south fort worth - all the other houses are worth 30-40 tops.
Is this a deal worth wholesaling? What's another option? He needs cash now.
Also, I've got another house in HURST that may make a better rental property. The lady needs to cash out her house, but is relatively inflexible in price; I tried for a long time to whittle her down and got from 85 to 78 and still couldn't make the numbers happen for what I was trying to do. I think it's a great house in a great neighborhood, but again I'm wet behind the ears still. If you're interested in more details let me know; I don't have the contract, but can get it at 78.
You'll need to get comps for the Hurst house. The basic formula is
((After Repair Value * 70%) - Repairs) - Your Wholesale Fee = Your Offer
If there are a lot of repairs, use a lower number than 70%. If there are no repairs, you can use a slightly higher percentages if you absolutely have to. I wouldn't go above 75% if I were you.
BTW, Hurst is right in the middle of "Robin's Hood," so call me at 817-300-1132.
