I have a motivated seller who is a realtor the property is in a good area the property has fire damage and has to be fully gutted, How can I estimate the cost of a full gut? The seller wants to sell for 220k I'm not 100% sure but I think the ARV is in the upper 500's I want to do an assignment deal but the law in Texas is that I have to tell the buyer and seller what I'm making off of the deal. Do you think the seller is asking for too much? I need advice please!!!
Sellers 'always' ask too much...................(ha ha ha)
On a more serious note. The property could be a full rehab, tear down or who knows. Put it under contract and market it. The buyers will let you know what they will pay. Or partner up with an experienced wholesaler and split the deal.
Ok but that's a wholesale right? It wouldn't be a good idea to do an assignment deal?
Check comps in the area first to see ARV
ok what site can I go on to check the ARV
Trulia.com is a good site to check comps for any area. Just find a comparable home after reno.
It's hard to know how much it will cost to restore the home without any info on the size or extent of the damage.
Have you considered reaching out to see if there are any restoration companies with owners interested in REI? If it were near me, I'd consider it.