As the under $50,000 SFR's are getting snatched up by local heavy hitters and out of town investors here in Vegas it's getting harder and harder to get deep discounts, but I got another one-- almost! I got it at $53,200, but if the inspection warrants it, now that I am "at the dance" I may be able to go in and get an addendum for a lower price.
I put it out to my "more retail" rehabber first-- if they decline, I'll go to my "more retail" landlord and then to one of my heavy hitters, a buy n' hold guy doing high volume-- I have 7 days due diligence, so I'll let you know when it's "sold" and the "wholesale flip" is completed.
Specs & Details:
4X2, 1234sf, built 1970
Listed in 2/3/11 at $76,900, reduced to $72,900 on March 3rd, reduced again 3/27 to $64,900.
My first offer on 3/22 (when asking was $72,900) of $48,800 was countered at asking (red to $64,900) on 3/28-- I increased a LOT as my Highest & Best to $53,200. I did this because the prop needs little work and I am getting "bid out" often in the last 3 weeks. The seller countered again at $59,900 (they dropped $5K) on 4/10-- I stayed at $53,200. On 4/13 they accepted.
The comp is $77,000, only a 31% spread, but enough for me to work with to flip this to the right buyer. Now I have 2 to "sell" this week.
I'll keep you posted. Thanks for stopping by.
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176