PERPLEXED NEWBIE…DEAL ON THE WAY - Posted by DaveH
Posted by DaveH on February 24, 2002 at 19:22:12:
Okay, here it goes… I contacted a RE agent whom has just replied to me with a great possibility. He has found a house in the Corrier Heights area of Atlanta, Georgia. The list price is 90,000. There is some repairs that needs to be done. I see the possibilities of a flip or possible assignment. Upon the completion of the deal the FMV is anywhere from 110-500 to 135,000. I see the prospects. However, I’m having a problem in seeting the deal up. I don’t know how which to go about seeting the deal up. It is a 4bd/2baths, ranch style, 1 car garage. There is a patio at the back, a bar/office downstairs. The bathrooms needs work. The hardwood floors needs to be redone inaddition the interior of the house needs a paint job. Brick exterior. The house needs about 15K the max in repairs if that much. I was thinking of offering the agent 65-70K in cash. And then sell the contract for 10K. I know the risk I will be running if I stay in the middle of this deal. I see the prospects. This, one will go soon. I need to know how to come up with or what is the maximum allowaboe offer after all expenses are talleyed and still be able to price it to sell it to an INVESTOR, for the fast cash… I’m even thinking about taking out a hard money loan to finance the deal. If I were to would I be able to assess enough money to factor in holding cost etc. Again, I see the prospects.