Fixer SFR in LIVERMORE CALIFORNIA (Off Market Deal - Must close in 7days)

[Raj Pat]

We have a property for wholesale in Livermore California. The property is off market and is located in a HOT area of Livermore.

Purchase Price: $575k

Rehab: $60k -$70k

Resale Value: $735k to $765k

Property Details:

Living Area: 1900sq feet

Lot Size: 6000sq feet

4Bedroom

2 Bathrooms

High API School Rating

We currently own this property but have our hands full with other projects hence why we're reselling this to another investor group.

PLEASE READ BELOW BEFORE REPLYING:

Note: Property must be sold CASH, hard money is okay. We have a binder with the escrow company which will help save you some $$$$. Property is subject to no contingencies and is SOLD AS IS. Seller has never lived in property and has no knowledge. A $20,000 NON REFUNDABLE EMD must be in escrow once into contract. There will be no reduction period. Looking for a seasoned investor/flipper. Buyer pays all fee's to escrow and transfer tax. Buyer must be able to close escrow within 7 days. Additional info available upon request. No dizzy chains and or leanthy whole-sellers.

Thank you

[Jeff S.]

I hope this thread doesn't get bounced by the mods, because it's a perfect example of a horribly overpriced wholesale deal by an experienced rehabber, whom I bet knows better.

You're offering this property at ($575k + $70)/$735 = 88% of ARV!!

Exactly how does one make money on something like this? At roughly 8% and 5%, respectively, selling and finance costs alone will easily eat more than the remaining 12% of ARV, yet alone taxes, utilities, and insurance.

By my calculations, depending upon the amount borrowed and a 6 month turn-around time, the buyer of this auspicious estate will gross somewhere between +$1k to -$12k.

You state in your profile, "We've revitalized well over 250 homes since the down-turn of 2009…," yet you can't possibly finish this one?

What's with the $20,000 non-refundable EMD? If you already own this property, what's the urgency to close in 7 days?

It's clear that there's more to this story.

(It also looks like you're spamming the board all over the place with this post.)