What is a good price for fixer in San Antonio?

[Alex Bradley]

Hello,

I am a wholesaler from San Diego, CA and I am working with a local seller who has a house in San Antonio, TX. Since I don't know the market in Texas I am looking for some help on coming up with a purchase price. I have the ARV of the house at $150-160k based on recent sales in the same neighborhood. Usually I find the price by taking 75% of the ARV and subtracting the expenses. Is that similar to what investors in San Antonio are looking for? Any feedback from investors in the San Antonio market would be greatly appreciated. Thanks in advance.

[Rick Pozos]

Thats about right (70-75%). BUT if you are going to wholesale it, you need to buy it below that. You will also need to know how much rehab is needed. I guess you could have someone locally let you know that.

The ARV is also something that people seem to stretch a little these days. When people tell me the ARV is 150-160k I already know that it is really about 140k. There are so many factors that you have to SEE in the neighborhood that out of state people can not see from 1000+ miles away. Neighborhoods change with a few streets, Sometimes getting comps from a couple of blocks away will be completely off. Just something to think about.