Updated almost 9 years ago on . Most recent reply
Need Help-Received Call From Direct Mail Campaign
Hello BP Family,
A homeowner called me from my Direct Mail Campaign. They are out-of-state owners and what to sell their cottage. I just decided to jump in, but need some direction. Please assist. Thank you.
- C-class neighborhood
- Quiet street
- Built 1905
- Purchased @ 53k in 2002
- Owe 26-30k on the mortgage
- Upgraded electrical
- Currently has Evergreen leasing tenants for the past 14 years that are scheduled to leave soon
- Rents for $600 and property was on the market with an agent, but fell through due to financing.
Most Popular Reply
Ok so the most important numbers you need to figure out are:
1. ARV = What will the property sell for after rehab
2. Rehab estimate = What's the scope of work and how much will that cost
3. Investor margins = what kind of return % do flippers in your area look for in a deal?
If you know those numbers fairly accurately, you can figure out if a deal is possible or not. You're welcome to message me the address and we can figure out the ARV.