Re: need help - Posted by phil fernandez
Posted by phil fernandez on June 12, 2000 at 09:36:35:
Answers to a couple of your questions.
You aren’t looking for houses for sale as your comps, you need to be checking out houses that have actually sold within the last few months. This information can be obtained from your county/city/town offices or at the local courthouse depending on where you live. And its public record.
The way to determine what you can pay for a property is by working backward.
fair market value - repairs - closing/holding costs -
- profit = what you can pay .
If you want to wholesale the property make sure you leave enough profit in the deal for the end buyer. Give him incentive to quickly buy the property from you.
As far as closing procedures specific to Georgia, there are many investors on this board from your state. Perhaps they can help you there.