Updated about 13 years ago on . Most recent reply
% to pay for homes at auction
Like I said earlier, I purchased my 1st flip at auction yesterday In FL! Pretty excited(should I be?)
details:
Winning bid - $47,700
Rehab - $20,000
ARV - $85,000 minimum.
Thoughts? Was this a good deal for me.?
Thanks,Matt
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Jon Holdman
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Bid + rehab = $67,700 = 80% of ARV. That's a very thin deal.
Do you have good title? Any other costs you're going to have to pay to secure the property? In your other thread you mention its occupied. So, at the very least you have costs for getting these folks out.