I got my first call back from direct mail. I'm hoping to wholesale this property to one of our few cash buyers(flippers).
I want to make sure I am not forgetting anything important in my calculations. I currently have the ARV
Holding costs- taxes and insurance
And closing costs(maybe a realtor involved)
Is there any other important aspect I am forgetting for a flip?
How confident are you on the accuracy of your numbers?
That's the biggest issue for most people I think.
Actually...you should give us the numbers. I know it's really exciting to have a first call back and I don't wanna be a grumpus- but is your first call back actually a legitimate deal for an investor?
I'm pretty confident in my numbers being over estimated rather than under estimated. Im more worried about losing deals from being too safe due to lack of experience.
This offer is just an estimate of what I'll be looking to pay for the property, and if the seller thinks it's reasonable then I'll view the property and give an exact offer.
I haven't calculated insurance or closing costs yet, Im going to do a little more research on those. I just want to make sure I don't forget a cost before I give my offer.
I'm interested to know how this deal works out for you, so keep us posted.
I'm new to REI and looking for my first wholesale deal as well.
I'd be interested to know how you derived your estimates: pulled comps, rehab costs, ARV, sell price, potential profit for you, etc
Also, you mentioned this lead came through from direct mail. Did you do your own DM campaign or did you use some of the pros/automated systems out there?
Any update on this potential deal?
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