Howdy @Carol Birnberg
We need a lot more information than you are providing. Such as the following:
How are you financing the purchase and Rehab?
How do you expect to get it refinanced?
That being said, if your purchase price is $25K and Rehab is $15K, I would expect an ARV between $60K to 70K. You must account for Holding and Closing costs in your analysis.
If your ARV is close to this it may be a good deal. As long as your numbers are correct.
Thank you for responding; for a min I thought she sold it since she did not get back but I called & negotiations still on:
ARV =47 to 50k
Finance: private lending : 7.99 credit union
I m hoping we can complete or do something with basement to add the xtra room. Then it will be a bit higher.
Finance: I’m still checking on that since credit union said they only do 12 years & refinance after 6 months of renting.
Again thank you; I know it’s annoying to deal with newbies but I m hoping i can handle this.
@Carol Birnberg If I understand your numbers correctly, ARV is a little low. You're close and maybe with the basement addition it will go up, but you should have that figured out for sure before moving forward.
FYI: No deal., with all changes it was $20k and not fixing basement as i thought. So here i am looking again like a hawk. Anyways: After going to a lender, negotiating $$ and then finally getting few estimates from contractor. I was left with so many questions...... anyways..thank u :)
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