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Forums » Real Estate Deal Analysis and Advice » will this work for a wholesale deal...

will this work for a wholesale deal... Subscribe to will this work for a wholesale deal...

7 posts by 4 users

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Kevin Smith

· st petersburg, Florida


Forum_avatar_avatar-727investments

Icon_minipost Nov 08 '09, 03:23 AM

Hello all, i found a sfr reo in which the bank is asking 20k. It just came on the market last week .

concrete block

sq ftg 1023

3bed 1 bath

just mkt 44,318

comp sales 54k

needs about 7k in repairs

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


Jeffrey K.

Real Estate Investor · Milwaukee, Wisconsin


Forum_avatar_avatar-koenigjl

Icon_minipost Nov 08 '09, 03:38 AM

If it is such a good deal why wont the investor just buy it off the mls?

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


Kevin Smith

· st petersburg, Florida


Forum_avatar_avatar-727investments

Icon_minipost Nov 08 '09, 03:58 AM

okay jeff i guess i get your point, but i never said it was a good deal. i simply asked would it work for a wholesale deal.

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


Will Barnard

Rehabber · Santa Clarita, California


Forum_avatar_avatar-barnardinc
DonorPro

Icon_minipost Nov 08 '09, 04:06 AM

I am more curious why the bank would MLS list it for only $20k if it only needs $7k in repairs and has a current market value of approx. $50k?

If you locked up the contract at $20k with the bank, you certainly have your self a good deal (both for yourself to rehab or to wholesale) so long as the numbers you provided are accurate.

$50k ARV X .7 = $35k less $10k repairs = max offer of $25k.
Offer $15k and see if they bite, make yourself some more coin and leave your self room to counter up to $20k.

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

Small_barnardenterprisesWill Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com


Will Barnard

Rehabber · Santa Clarita, California


Forum_avatar_avatar-barnardinc
DonorPro

Icon_minipost Nov 08 '09, 04:07 AM

Note: Be careful with the chinese drywall in your neck of the woods! That could be a reason for the low list price.

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

Small_barnardenterprisesWill Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com


Kevin Smith

· st petersburg, Florida


Forum_avatar_avatar-727investments

Icon_minipost Nov 08 '09, 04:23 AM

thanks for the response guys i'm gonna put in my offer tommorrow. The house was buit in 1963 there should'nt be an issue with chinese drywall am i right ?

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


Raymond B.

Real Estate Investor · Wallingford, Connecticut


Forum_avatar_avatar-ray06492

Icon_minipost Nov 08 '09, 06:58 AM

A house built in 1963 shouldn't have any "Chinese Drywall" in it.
If the house was damaged in the Hurricane in 2005, and needed drywall replacement, it could have some of that "Chinese Drywall."

Raymond

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


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