If you’re flipping this “as is”, then what’s wrong with a quick $11k profit??? You need to leave room for the other investor to make a decent profit after they tie up their money and fix the place up.
Right now you’re looking at an $11k profit to do nothing with the property. How much would it cost you to do all the repairs and resell the property? How much more than the $11k would you make? Would it be worth it to take the time and go through the expense to do this? If not, then I’d grab the $31k cash and be happy with my $11k profit!
Make sure you verify the buyer has the cash to close and he’s not just trying to tie up the property and flip it also. Get a LARGE non-refundable deposit up front, subject to the buyer getting clear title. If you can deliver clear title and your buyer backs out for any other reason, the deposit is yours! This will eliminate someone just trying to tie up the property while they find another buyer to flip it to!
I just purchased a single family 3 bed/1bath that (arv) is 70k, it’s a real junker!! It needs alot of work!! (septic systen, new sills, (because of termite damage) windows, siding,electrical (in walls…has new 100amp servise)has a new roof, kithen floor is warped, but the real set back I believe is that is has 7ft cielings. I paid 20k cash for the property. I put an ad in paper to try to wholesale it but so far my highest offer is 31k.(cash)(2 cash offers out of about 50 calls) I would like too at least get my 20k back a.s.a.p. but want to make as much profit on this deal as i can? any sugestions would be greatly appreciated! or should i rent it out, i could get 700.00 a month rent?