Posted by SCook85 on March 30, 2002 at 22:05:25:
It is up to you to determine how much the repairs are going to cost you and you should also determine what the after repair value is. Every time, and I mean every single time I took someone else word for the value of a home that I was buying I got burned. I strongly urge you to do your own due diligence.
Let’s assume that the wholesaler you are working with isn’t stretching too far. Say the home is worth $70k after fix up and they tell you $75k, and they tell you that it will cost $8k to fix, but it actually costs you $13k. You just lost $10k of what you thout you were going to make.
DO YOUR OWN DUE DILIGENCE. IF THE DEAL STILL STANDS UP THEN DO IT.