Re: Looking for Advice on a Good Deal - Posted by Dell-Ohio
Posted by Dell-Ohio on August 24, 2003 at 23:29:51:
We do a lot of rehabs. If your information is accurate we would purchase this property from you if we had a comfort level that it would sell for 99,000.
There are a couple things that however seem incongruent …
>" I found a property in bad shape … I estimated that it needs around $2500 of rehabbing."
Either it is not in bad shape or it needs a lot more than 2,500 in rehab. $2,500 is barely enough to paint or put new carpeting into an average house.
Maybe it just looks “bad” to you because it is dirty or messy?
If you can tell us what needs to be repaired I can quickly calculate a ballpark price for rehab.
As a general rule we want a minimum profit potential of 20,000. If it really only needs 2,500 in repairs we would purchase it with less profit potential.
OH and NEVER EVER offer asking price, unless its a helluva deal and there is a high likelyhood that someone else will buy it away from you before tomorrow.