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Forums » Make Deals, Find Partners, Mentors & BirdDogs, etc. » Easy rehab home. Little to no work needed.

Easy rehab home. Little to no work needed. Subscribe to Easy rehab home. Little to no work needed.

7 posts by 5 users

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Marcus Mccray

Real Estate Consultant · Monrovia, California


Forum_avatar_avatar-marcusm

Icon_minipost Nov 18 '09, 07:31 AM

I hope this is the right place to post this!
I'm selling a 4Bed 3Bath home in Yermo, CA
Asking price is $69,900 firm.
2 Car garage, 1350sqft,
ARV= $80k-$99k
Zestimate= $111k
House has some remodeling done already. Counter tops, cabinets, windows, flooring.
Work needed: doors need hanging (included with house), exterior paint, lights need to be put in.

This is a wholesale deal, cash buyer preferred.

Updated: 03:41PM, 11/18/2009

I am so sorry it should read Retail Value not ARV! There is a 3Bed 2Bath home on the same block going for $99,000!

Edited: 06/26/2010 at 10:34AM


Ted Harris

Real Estate Investor · Portland, Oregon


Forum_avatar_avatar-nwsold

Icon_minipost Nov 18 '09, 10:17 AM

Asking price is $69,900 firm.
2 Car garage, 1350sqft,
ARV= $80k-$99k
Zestimate= $111k


Your margin is much too small to excite buyers, or at least me ... $70k purchase vs an ARV of $80-$99k for a property that needs work ... I don't see why someone would purchase a property that offers little to no equity ... the 'zestimate' is worthless .... i think the purchase price would have to be significantly lower to generate interest as there are just too many other properties out there with immediate significant equity :lol:

Edited: 06/26/2010 at 10:34AM by Ted Harris


Marcus Mccray

Real Estate Consultant · Monrovia, California


Forum_avatar_avatar-marcusm

Icon_minipost Nov 18 '09, 11:05 AM

The work needed is merely labor. There are new doors at the house and the rest is screwing in light bulbs and exterior paint.
Also I am being conservative with ARV. There is a 3Bed 2Bath house on the same street going for $99,000.00

Edited: 06/26/2010 at 10:34AM


John Chan

Real Estate Investor · Cincinnati, Ohio


Forum_avatar_avatar-ohioinvestor23

Icon_minipost Nov 18 '09, 11:12 AM

Sorry, I don't see a deal here, let alone a wholesale deal. There's just no room for profit, especially today.

Edited: 06/26/2010 at 10:34AM


Jon Holdman

Real Estate Investor · Denver, Colorado


Forum_avatar_avatar-wheatie
ModeratorPro

Icon_minipost Nov 18 '09, 11:35 AM

When I read "ARV= $80k-$99k" I read that as "ARV $80K". That's a huge range.

If no work is needed, why is it not worth exactly what you're asking? An appraiser will see the purchase for $69K, ask whats been done, get "nothing" for an answer and say "its worth $69K".

Edited: 06/26/2010 at 10:34AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Marcus Mccray

Real Estate Consultant · Monrovia, California


Forum_avatar_avatar-marcusm

Icon_minipost Nov 18 '09, 11:39 AM

You know what John you're right! I should've said market value $80k-$90k being conservative. Thats what happens when you post after Tequila!!!!

Edited: 06/26/2010 at 10:34AM


James Hiddle

Real Estate Investor · Altus, Oklahoma


Forum_avatar_avatar-mr_investor

Icon_minipost Nov 18 '09, 03:15 PM

Originally posted by Marcus Mccray
You know what John you're right! I should've said market value $80k-$90k being conservative. Thats what happens when you post after Tequila!!!!


If it had been Vodka you would have been in trouble :mrgreen:

Edited: 06/26/2010 at 10:34AM


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