Baltimore wholesale question - Posted by Gerald-DC
Posted by Gerald-DC on June 15, 2001 at 01:32:29:
I am meeting with a seller for a property located in Baltimore nears Johns Hopkins University. She is very motivated to move this vacant property. She had it listed with an agent for 32k but there were no takers. It is not located in a great area. The house needs about 8k to make it rentable for the area. With the repairs the house should sell for around 42K. It’s a 3/1, fenced yard with a full unfinished basement in average to below average condiion.
The seller has indicated that she would sell the house for 8K if I pay all of her closing costs. $10,000 if she has to pay the normal selling cost of sellers. These are just her preliminary terms subject to haggle.
I have no intentions of doing any repairs to the property and see wholesaling as the only option for this property. My end buyer would probally be a landlord.
My question is at the 8k price with closing costs which will probally total 10K (estimate) is this deal a keeper?
If I have 10K plus any holding costs into the deal, I would be looking to sell it for at least $16,000 for it to be worth my time. Realistic?
I welcome comments from all but particular Baltimore area investors who are familiar with the area.
Thanks again for all that take the time to respond.