I have a deal where the owner is moving to a retirement home and there is no mortgage on the property. He is asking 250K which from what I can tell is just about what the value of the home is based on the comps. The address is 1113 ARBORDALE DR DECATUR, GA 30033-3701
I'd like to possibly wholesale the property but with a free and clear home there are many other possibilities such as buying on owner financing and then lease optioning the home to an end buyer. OR maybe I could put it under option contract and assign the option for a fee? I'm speaking with the owner tomorrow (Monday) and will know more about what his needs are.
Any thoughts on value and deal structure possibilities would be appreciated.
The subject is located where many of the home sin its immediate area on basements. I was able to locate comparables that were on crawl space as the subject property. Value will fall between 235k-250K. There were higher sales; but they were on basements.
If you made you offer based on .70 of value; my offer price would be between 164,500 to 175,000; especially if you are planning on wholesaling the property. You seem to have found yourself a potentially good deal especially if home doesn't need a lot of repairs. I hope this helps