Posted by jmathis on September 11, 2003 at 22:47:56:
Rene,
theres not a lot of money at the front of this deal,
but what are your plans for the property?!?! hold or flip
Posted by jmathis on September 11, 2003 at 22:47:56:
Rene,
theres not a lot of money at the front of this deal,
but what are your plans for the property?!?! hold or flip
new invester needs help with the numbers - Posted by Rene’
Posted by Rene’ on September 11, 2003 at 16:01:14:
I found a house in historic Atlanta. The owner paid $208,000 in Dec 2002. The comparables are from 150 to 300’s. The house needs about 40,000 in repairs. HIs asking price is 229,000. I don’t see a lot of money in this deal. Am I right? Rene’
Re: new invester needs help with the numbers - Posted by Joe
Posted by Joe on September 12, 2003 at 07:24:22:
Assume the house is worth $300K.
Selling cost=10% (6% agent, 2% concession, holding, closing, etc) or $30K
Repair = $40K
$300-$30-$40=$230. Where is your profit?
You need to offer 70% of market value less fixup or in your case $300 x .7 -$40 = $170K.
Joe