johnboy can you help - Posted by Daniel

Posted by Shawn (OR) on February 21, 2002 at 01:08:58:

Hehe…I like that theory, JohnBoy. I’ll be sure to use that.

johnboy can you help - Posted by Daniel

Posted by Daniel on February 20, 2002 at 16:46:29:

Here is short summary of the deal.

recent bank forclosure asking price 92400 comps for the area 114k repairs 15k question is what is the most anyone would offer as an investor.I made an offer that is prob a little crazy 55k.also home is listed with a realtor.I appreciate anybodys input I know I/ll prob have to be making another offer soon.

thanks Daniel

Re: johnboy can you help - Posted by JohnBoy

Posted by JohnBoy on February 20, 2002 at 23:08:13:

Looks to me like you’re right in the ballpark on this one with room to come up with a counter offer.

Assuming your numbers are correct and figuring in a $20k profit after rehab costs, holding costs up to 6 months, realtor commission to resell, and margin for errors, you can go up to about $61k if need be.

If you have to counter then counter with an odd dollar amount. Like, $57,387.22! Make it look as if you really penciled this out to make the highest offer you could go to make this work!

Re: johnboy can you help - Posted by JamesL

Posted by JamesL on February 20, 2002 at 20:14:53:

I’m not JohnBoy at all, but 55K is a great offer to start from! They can say no if they want to. Good Job! Maybe 56k???
You might try to keep your offers under 80k on this one to ensure yourself some good profit.
I once made an offer on a 14 unit REO that got accepted for 142,000. I never thought they would say yes. The property will end up being appraised @ $370,000 !!