I am running numbers on a foreclosed property. Asking price for this foreclosed property is
$460,000 The ARV is $593,945 with 10,000 rehab, $25,000 buyer fee and $12,750 is my fee. My max offer came to $536,250.00. As you can see my max offer is way more than their asking price. I used recent comps. The comps that I used were all recent sales, within one half mile and withing 20% of the sq
I would really appreciate your help.
Thank you in advance.
@Karen Hurd How are you getting to your Max Offer price? Just curious because using your numbers my Max offering price would be $397,000. Another question I have is your rehab estimate, it seems low to me at $10,000 for a half a million dollar home. What are you planning to do with the property? wholesale or rehab and flip it? With either one you need to add in carrying costs as it will typically take longer to sell than a home for $100 to $150k.
I called two contractors with regards to the rehab price. The house is in mint condition except for a 1/2 bath which just needs updated sink and counter top. I am a newbie at wholesaling, so I have plenty of cash buyers that I can assign the property to and they will buy, fix and flip. This particular house is in a prime area with excellent schools. It's an "up and coming area."
May I ask how you ran your numbers? It would be a tremendous help to me and I would greatly appreciate it.
Thank you for answering my post.
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