Updated almost 10 years ago on . Most recent reply
1st Deal
So I think I have my first deal and wanted to get BP's input on the deal. The ARV us 141,000, I plan to purchase at 70,000, the owner kept up with the house as it was a section 8 rental, so I don't anticipate to much for rehab, so I estimate rehab at 10 to 15k. I believe I can sell at 90-95k and a flipper can get close to 50k off the flip or a renter can use it as a rental, which is already section 8 approved for a market rent of around 950 to 1200 a month. I think this looks good, how does BP feel?
Most Popular Reply
If you are wholesaling, that means you're not rehabbing it. If you wholesale it, then you buy at $70K, resell to someone else who will do the rehab at $80K. You make $10k. Now, if you want to do te rehab, then you can do that, but it's not called wholesaling. It's called flipping. And if you do go that route, then you will want more than $10k profit for your work. If you spend $15k on the rehab, I'd want at least $20k in profit. Your end buyer will still have nice equity.