Hi all , I’m trying to structure a deal with an out of town seller . The property arv is about 400k they owe 208k there is a section 8 tenant in place , getting about 2100 a month .pp will be 280k for this 3/1 1099 sqft. Repairs to sell on market at 430k will take 96k once vacant . What is the best way to go at this ?
@Wayne Philpotts Based off the numbers you posted, there's no deal here, and you would lose money. I also don't understand the part "ARV = $400k, sell at $430k". If it's appraised at $400k, why would anyone buy it at $430k?
Ave buying and selling cost, 10% of $430k = 43k
= $419k, if everything goes perfect. But it's only appraised at $400k.
Let me know if I'm not understanding it right, but again, I don't see any deal here.
Zillow lists at 439k -10/15%
Not making repairs until current tenant leaves, as is appraisal should come in @365k