Would you do this deal?

[John Weidner]

So I've been chasing this property for over 2 mos. It keeps going on and off Homepath. Im a broker so I put my own offers in.

Listed: 149K

Purchase Price "at least" 191K (might go higher)

Repairs 62K (had my GC stop by to confirm my ball park #'s)

Purchase Costs 3600

Selling Costs 12800

Carrying Costs 5000

Reserve 5000

-----------------

All in 279K

ARV - 295-305K (confirmed mls comps)

Place was frantic today. They had like 30 offers. I was there today and there were 10 other parties when I was there for 45mins

I got home tonight after the gym and prepared to make an offer then my senses kicked in and I decided to not waste an hour of my time and instead search for other properties. Bid ended at Midnight 3/13

Would you invest $279K to make a potential 15K in 12wks?

[Manny Cirino]

The simple is is NO! Murphy's Law, Anything that can go wrong will go wrong. And you will slowly sit back and watch those $15k profit shrink, either in price reductions or in holding cost, even in negotiations. Your market would have to be very strong for you be that confident in your numbers or your estimations must already be compensating for worst case senario before entering a deal for $15k.