My First Offer Accepted!!
Hello,
Just wanted to write to convey my excitement. As some of you already know I just started out my REI career. I've looked at a few houses and talked to some owners but today I made my first official offer and it was accepted!!!!
It may not end up being a great deal but on paper it look's like a winner and a worth investment for someone who wants to buy this contract. Going to sign the purchase agreement tomorrow so will have contract available very soon!!
Financial Details:
ARV ~ $37-40,000
Assessed in 2008 ~ $29,600
Repair Cost ~ $4,000
Desired Profit ~ $3,000
My Offer was for ~ $16,500
It's a small 2 Bdr with a detached garage. Lot of features already updated such as heating/cooling. Not in need of real major repairs besides the garage roof and siding on both buildings. I estimated garage repairs for demo and putting up an aluminum shed or carport. Electrical box needs updating and needs some wiring. I may have under estimated the repair cost a little but I think I left myself room.
Would really appreciate some feedback on this. My plan is to enter into contract with contingencies that allow me to back out with $10 earnest money down. Trying for closing in 30 days.
If I can't move the house to an investor I've really lost nothing but gained quite a bit of knowledge and experience and that's a lot.
Steve