Wholesale Question - Posted by Sam


#1

Posted by Kristin on January 08, 1999 at 09:22:08:

Check your e-mail. I left you my toll-free number yesterday when you first posted so that we could talk about your deal.
Kristin


#2

Wholesale Question - Posted by Sam

Posted by Sam on January 08, 1999 at 09:17:58:

Help. For the past four years I have held a number of rentals but until recently, didn’t fully understand the opportunity with rehabs and flips. Anyway, I found two pretty good rehab opportunities yesterday. Both vacant. A two bedroom and a three bedroom. Asking price for the two is 30K firm (full cash only today). The estate will only sell them together. The two bedroom has fire damage inside. The FMV for these home after repair is at least 50k and 60k. I haven’t had my contractor out to look at the properties yet so I can’t be sure what the repair cost would be. I would appreciate someone checking my thinking on these:

FMV (both) 110K
Sale Price 30K
Repairs (est) 35K
Holding Cost etc 20K
Potential Profit 25K

Even if the repair cost is up to 45K there is still a potential for a 15K profit here.

Unfortunately, I don’t have the cash to purchase these properties at this point. What I’m trying to do is flip them to another investor for about 36K. I know I should have lined up my investors first, but these properties just fell into my lap. Anyway, I don’t have them under contract yet. I finished Legrand’s book but I haven’t had time to develop a contract. Is there any template contracts available that I can use to tie these up for a few weeks? I would be happy to purchase them or re-write if I have the correct language. I have contacted a couple of investors but have yet to solidify anything. I would appreciate any help here.
Sam