Posted by Joel on March 07, 2002 at 15:02:15:
you can put in the contract, contingent upon revaluating the property
IS THERE A BETTER WAY - Posted by LL
Posted by LL on March 07, 2002 at 12:31:56:
I FOUND SEVERAL HOUSE 1 OWNER OUT OF STATE WANTS TO SELL ALL THE HOUSE CANT MANAGE THEM FROM OUT OF STATE.HOUSES NOT EVEN ON THE MARKET.WHAT I WANT IS TO CONTRACT ASSIGN THE 3 HOUSE TO OTHER INVESTORS AND KEEP 1 BY THE WAY ITS 4 HOUSE 3 RENTED OUT AND 1 EMPTY.FROM WHAT HE IS SAYING THERE IS ONE GOOD RENTER THATS BEEN PAYING ON TIME FOR 2YRS.
SHOULD I GET HOUSES APPRAISED.FIND OUT WHAT IT IS WORTH UNREPAIRED AND AFTER THE REPAIR AND THEN GET CONTRACTOR TO SEE HOW MUCH THE COST WOULD BE AND THEN AFTER THAT WORK THE PRICE WITH THE OWNER
PUT UNDER CONTRACT AND SHOP INVESTORS OR IS THERE A FASTER WAY TO FIND THIS OUT SO I CAN PUT UNDER CONTRACT SOONER OR SHOULD I JUST LEAVE THIS TO THE INVESTOR THAT IAM ASSIGN THE CONTRACT TOO.
Re: IS THERE A BETTER WAY - Posted by Brent_IL
Posted by Brent_IL on March 07, 2002 at 15:04:39:
On the net, posting in all caps is considered shouting. It makes it difficult to read. The lack of punctuation doesn’t make it any easier.
To make a good offer it’s necessary to know the fair market value of each house after it’s fixed up. That’s the after-repair value, or ARV. You also need to know what your potential repair costs will be to get the property to the ARV.
One highly published formula is ARV x .70 - repair costs - your profit = the maximum price you can pay for a property. Assume that repairs and rehab will always cost more than expected.