Minimum profit for flip (I know it has been asked a lot)..

[Jerryll Noorden]

All,

I am trying hard to make this work, but I think it is marginal. But as I am new I am hoping I am just being paranoid.

What do you think?

This seller needs to sell by the xxth.

I am thinking (but could be very wrong) the ARV is between 180 and 200K)

As that is a huge range let's just go for 180K.

She owes about 110 K on it.

House needs 40K in repairs, and contractor can do it in a week ( he says in 7 days he can finish it all)! So that means, 3 weeks.

It is a pretty small house but in an amazing location. Can't say too much about the location because I suspect I have a stalker that tries to shortcut my deals  :D Shame on you!!

So repairs needed are, complete new kitchen. New bathroom, Refinish the hardwood floors. Put tile in.  Fix walls, new roof...  and yard completely cleaned.

Some of these things can be done at the same time.

So based on this.. and I know you cant give me an accurate number,  but what is the minimum spread you would accept?

Thus, how much would you buy the contract from me? (This is not a trick question). I am not going to make basically anything on this as the poor woman really is in a bind. If she can sell it, I will be happy.

What I definitely want to avoid is put it under contract and 3 days before the due date I have to back out, leaving her in deep trouble.

Really wish people were honest so I could put all the info here.

So without any other costs into consideration I would be in it for 150K leaving only 30K for all other costs + flipper's profit.

According to the wholesale calculator it all could work out but the flipper would only make 20K. (but in theory in a week.

I have the accurate quote of the contractor that walked the house with me.

What do you all think? Can we help her save her day? Or should I give her bad news?