[Calc Review] An actual deal that I need direction to pursue.
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This deal was stumbled upon while i was providing a separate estimate for his trees.
I have a potential investor/ mentor who is willing to pursue this deal. I like the guy and don't want to waste his time.
I would like to learn by observing the entire purchase/rehab/refinance/rent process, but he is strictly a flipper. Which is fine, but he doesn't share the same desired out come as I do. In his opinion $161,000 is a deal but $165,000 is marginal? I guess if I was flipping then anything less than $50,000 profit may not be worth it.
From a rental perspective I would think that all in at a final cost of $200,000 and having $50,000-$60,000 in equity would be pretty good.
The area where the house is at is in a great location and would easily /quickly rent for $1800 a month. My goal would be to pay the loan down as an investment, I'm not needing immediate cash flow.
Any Ideas? I don't have any experience with the process. What would be the best way to pursue this and make it worth it for all parties involved. I don't want free help, but I don't want to leave any potential experience/cash on the table.
- Thanks!