Posted by PBoone on June 17, 1999 at 21:19:55:
No way are you doing it wrong… You made an offer and it got accepted. Many people get cold feet and NEVER get that far, they just read the board.
On you numbers I concur with the above post it will be very difficult “flip”. We as rehabbers pay 70% of FMV minus repairs.
Pat
help, they accepted my offer – pls help with numbers - Posted by JCP
Posted by JCP on June 17, 1999 at 19:51:08:
I think i should have done this first.
here is the situation
Needs updating – cosmetics, 3k or so
needs updating electric. Any ideas of cost. It has 60 amp service.
Structurally sound- needs roofing shingles, no damage
House across street sold 6 mos ago for 86k, has garage, this doesn’t
I can buy for $70k, ---- I NEED A LENDER!!! HARD $??
Should I flip for a couple grand?
Go conventional loan and pay off with sale?
Rehab and retail???
PLs help with numbers – email if nec is jcperry@gis.net
Thank you, thank you, thank you
Re: help, they accepted my offer – pls help with numbers - Posted by Bassman
Posted by Bassman on June 17, 1999 at 20:44:56:
I dont mean to sounbd harsh , but ,what the heck were you thinking ???
If you can get out of this deal , do it , NOW !!
IF the house is worth 86k and needs the type work you say , you should not have bought for 70k , more like 60k minus repairs
I dont know too many people who would you could flip this too , with that slim of a profit margin .
70k is more than a 80% loan to value , IF , the Fair Market Value is 86k.
Hopefully you put in a finance clause to get yourself out of this one .
Good luck.
Just my thoughts
Re: help, they accepted my offer – pls help with numbers - Posted by JCP
Posted by JCP on June 17, 1999 at 20:56:56:
this prop is in good shape, the roof doesn’t leak, but is going to need shingles in the next few years, and the rest. The only thing that needs updatind definately is the electric?? Am I doing this wrong??? Still no way, my numbers may have been skewed by my inexperience, but am I that off base?>
Thanks in advance.