Whats a good offer price?
Looking into my first potential flip in ny. I'm new and want to make sure I don't offer too high a price. Here's the financials:
Selling price: 280,000
ARV= 380,000
Rehab costs= 40,000
Offer would be all cash.
What's the maximum allowable purchase price for this deal? I know according to the 70% rule it should be less than 230,000, but I don't think I would be able to get any deal if I focus on the 70% rule. What percent profit is factored in the 70% rule?