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Updated about 5 years ago on . Most recent reply

Michele Sidney's profile image
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Michele Sidney
  • from Tuckahoe, New York
  • Member since Dec 5, 2016
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Michele Sidney's profile image
Michele Sidney's profile image
Michele Sidney
  • from Tuckahoe, New York
  • Member since Dec 5, 2016
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Michele Sidney
  • Tuckahoe, NY
10
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45
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Rehabbing & House Flipping

Offers and counter offers

Michele Sidney
  • Tuckahoe, NY
Posted
Question? First property. Asking 400,000. Property needed about 200-250,000 rehab. Offer 290. Seller 350. Is 310 a good offer? Comps in the area Mid 500- mid 600.
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Jason D.'s profile image
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Jason D.
  • Rental Property Investor
  • from St. Petersburg, Fl
  • Member since May 8, 2017
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Jason D.'s profile image
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Jason D.
  • Rental Property Investor
  • from St. Petersburg, Fl
  • Member since May 8, 2017
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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
Replied
@Michele Sidney it's simple subtraction ...if comps are in the mid 500s, the property needs $250k in reno, and you pay 310, you lose $50k to $100k. You'd need to pay less than $200k for this to start to make sense
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