my first contract

[Ricky Snow]

1. I believe i have my first deal but im not sure how to get it under contract i am a Realtor the house is single family priced $20,000 under comps needs carpet seller is motiavated how do i get started without traditional financeing 

[Ned Carey]

Originally posted by @Ricky Snow:

that shows how green I am Ned I would think that if I could go in replace carpet and sell it for $10,000 Over purchase price would make a profit what am I doing wrong HELP

 Perhaps you could bu that doesn't mean you will make $10,000. In any type of real estate there are hidden costs. They can be as much as 20% of a deal. We call these soft costs. 

Examples of hidden costs would be; Closing cost to buy, financing [point to buy, transfer taxes to buy; holding costs like financing, taxes, Vacant house or builders risk insurance (2-3X as expensive as regular insurance), utilities (your contractor will open the windows to help the drywall and paint to dry while cranking up the heat or AC); closing costs including real estate agent (Ok you'll list it yourself but if the only money you make is for the listing why do the deal at all. sell someone else' property) closing help for the buyer, staging etc. \

Look up the 70% rule here. Lots of threads on it. It is a crude rule of thumb but it should explain why you wouldn't make money on the deal you describe.

Check out the free beginners guide here on the site and it should give you some basic help.