Getting that first deal done

[Larry Sarner]

So I have a potential deal: Bank owned condo 2/2. Recent comps $280-290k. Bank is asking $199. rehab estimates come in at $57-$60k. I'm offering $120k. I'll probably get laughed at but factoring in the carrying costs, cost of borrowing money, etc......I can't go much higher right? Am I missing anything in my logic?
Thanks,
Larry

[Don Konipol]

no your not missing anything. your offer is a little on the low side, but you don't need every deal, just a couple of really good (great) ones. With more experience and doing greater volume you'll probably be more confident and willing to accept a lower spread - however condos in most areas don't have the investor demand of the detached SFH, so keep at it. Good luck!