Hot Deal on My Hands??
Good morning everyone,
I hope your week has been good so far.
I need your analysis of this possible deal that my realtor tossed my way.
Seller is facing foreclosure. In order for the seller to stop the foreclosure she will be paying $12,000. The ARV is $349,900. She is willing to sell me the property for $270,000 (which is the amount she owes on the property). I am planning to wholesale this deal to an investor for $280,000.
Tell me your thoughts please.
Some details about the property:
Townhouse
BR: 3
FB: 2
HB: 1
Style: Colonial
Construction: Brick
Repairs: Updates throughout
I think no investor would pay you over 244 for it MINUS the cost of repairs, and you'll get stuck with it.
You really need to be buying at 70% of ARV minus the cost of repairs, minus your fee.
What's your market like right now?
If you already have an investor then I would say make your 10k and go. If you dont I agree with Minna. You should stick around 70%. Right now in Michigan our market is so bad we are buying in the 50-60% LTV range. Good Luck I hope you make some money on it!!
nobody would buy that dog I know of , wait for a better deals