Trying to do a possible flip with a wholesaler as my first deal. Says he can purchase it for 100K, 25-30K in repairs with 150 ARV but prob sell for 140. I said he has to purchase it at 82K or I don't want in on it but I am having a hard time trying to figure out comps for area. I figured 6% commission, 2 months holding cost at 1K per month, 3K in closing costs.
Not sure if I should post the address here or not. Looking for some advice and direction on this but I am a skeptic at nature so I am sticking to my 82K mainly because I am going to be doing private money. All advice and finger wagging welcome :-)
There is little margin for profit if you get it at $100,000 and repairs are $30,000...how does the wholesaler come up with the repair costs...I find they often are quite low in their estimates and the repairs are usually quite a bit more...but like you say if you can get in at $82,000 then maybe...so I agree stick to your price !