Treasure Coast FL Contract for sale

[Brian P Hamwey]

Hello all, I am a realtor in Vero Beach FL and I have an investor client with a contract to purchase a flip who has just come across an even better opportunity at a higher price point. He doesn't have the capital to pursue both and is interested in assigning the contract to purchase the smaller deal. This was an on-market deal with the option to assign the contract. We are scheduled to close next week but there is room for an extension. We have exhausted most options to procure creative financing to make both deals happen in a fashion that suits his needs/ability.

The basics are as follows and use conservative numbers given our local market and overall market volatility:

Sale of contract priced at $209k

Estimated repair costs $70k (The client is a recently retired contractor and was planning on doing a 75% gut and most work himself. Came in aggressively at $40k after calculating take-offs)

ARV of $320-350K based on past 90 day comps within a 1 mile radius, none of which were fully updated.

We discussed multiple exit strategies and the numbers make sense to hold as a short or long term rental should the market shift in the interim. I welcome all feedback and questions on this as it will be my first time "whole-tailing" a property and will help me to further solidify my relationship with and already grateful investor client.

Thank you,

Brian