Posted by Marke on February 28, 2002 at 05:17:19:
All good thoughts, thank you. Yeah, I’m pretty sure on the costs, it’s a VERY old house. And that’s 50K, my company’s costs (AKA: No profit for my construction Co when I work on my own projects). The house essentially needs to be gutted. That’s why I want to stay away…too many unknowns. I don’t think I’m being greedy in asking 75K though (I think the realtor is being greedy asking 85K) b/c at 150-160 FMV, there’s still money on the table for a rehabber. Granted, he’s not getting it at a 65% discount, but there’s still $ in the deal for him. I’m in one of the hottest markets in the NE, so there is plenty of activity. After my most recent contract fell through, I already have another cash offer of 75K, but I’ve been there before. I just don’t want to keep tying the prop up for several weeks while they inspect, only to back out. I guess I should just take the $ and run if I can get it, huh? 25K profit is better than none :)!