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Updated over 9 years ago on . Most recent reply

User Stats

15
Posts
3
Votes
Jesus Chavez
  • Real Estate Professional
  • Norwalk, CA
3
Votes |
15
Posts

SOS! First Encounter with a Broker and Property

Jesus Chavez
  • Real Estate Professional
  • Norwalk, CA
Posted

Hello there, tomorrow would be my first day on the field! And quite frankly I am slightly nervous. I have created various ads on Craigslist and managed to find a couple of buyers and sellers.

Now I have come to the point where a Broker had called me pertaining to having me sign a Non Disclosure Broker/Buyer agreement before the inspection (any tips on this subject would be much appreciated) . 

Following the meeting we will go to the property: (all information he has given me)

330K asking, 1100sq/ft, 

11-22$ rehab per sq/ft 

ARV of 410K in Long Beach Ca

I'd love to hear what you guys think about the property (with the small info given) along with any thing that a first timer should be weary of and do. Thank you for you time BP! Hope to hear from some folk :)

Most Popular Reply

User Stats

390
Posts
104
Votes
Derek T.
  • Real Estate Investor
  • Prince Geroge's County, MD
104
Votes |
390
Posts
Derek T.
  • Real Estate Investor
  • Prince Geroge's County, MD
Replied

Definitely not flip material.   @Josselyne Lugo

 You are not taking into account closing costs,  holding costs,  financial costs,  realtor costs,  etc associated with the buy and sale of the property.  In addition those rehab number (based on Sq ft) are ridiculous. You'll be closer to $25-35 per Sq ft in my experiences. $11 Sq ft was my last kitchen roughly. 

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