First wholesale deal in Newark, NJ
I am a new wholesaler and I am about to put a house under contract tomorrow.
SO the place is totally renovated on the top floor - move in ready.
The bottom floor needs quite a bit of cosmetic work, but is nothing structural or huge.
Sellers asking price: $72,500
ARV: ~150k
Repairs: 20k (being safe - will probably be less)
My fee: $2500.
So my asking price is 75k.
http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=clientfull&Id=85004066_556578
These are the only comps my realtor could find...
Thanks for any help!
Erik
Most Popular Reply
Why cap it at $2500? If it is really worth $150k, and $20k in repairs, you should be able to sell it to investor for $85k. Give them a deal at $82,500 and pocket $10k.
I know when starting out you don't want anyone to think you're taking advantage of them. You don't have experience and don't think you're worth the $10k payout, but it's all about the numbers. If the property is still a sweet deal at $85k, why not take advantage of that?