What do you think is fair?
Hey guys!
Thank you in advance for reading this.
I recently just got a property under contract. Comparing the ARV to the price I got the property under contract for is about a $180,000 spread.
I've been working on this particular property for the last year or so. The reason it took so long was timing. I was honestly somewhat tired of the excuses that I received from the sellers of why they weren't ready yet but I knew deep down inside that they were SERIOUS about selling the property. It was all because of procrastination. Yet they were and are amazing people. I kept remembering reading about the follow-up and consistency. I've closed on multiple properties before now since I started my real estate journey about 2 years ago so this wasn't new to me. Just have to be patient. What's new to me now is that I am partnered with someone and not an employee anymore.
My partner provided the marketing and I worked the phones, found the deal and got it under contract. This particular property took about a year to close. The property would probably need anywhere from $50-60k in remodel. Considering that with the $180,000 spread, and the fact that my partner funded the marketing,
What do you think would be a fair fee to receive for this property if you got it under contract?
Thank you in advance for your reply.