Good %profit in westchester/ NYC

[Account Closed]

Hi everyone, My question today is for all of the real estate investors in the westchester county and New York City area of New York. My question is what is the general %profit when rehabbing or wholesaling in these areas? I would like to know this so when I analyze deals I know exactly what numbers would work for me. Please respond, thanks!

[Shawn Ackerman]

@Account Closed There is no set % of profit....when analyzing a deal you must know The value of the property in it's fully rehabbed state which also means you know how to estimate repairs. Once you establish value. Subtract the repair cost, then subtract a fee you are looking to get(Do you want to make $5k, $20k, $50k? Then make your offer to seller using that number and work from there.  I'd suggest buildimg in a min of 10% - 20% equity for the buyer as well. 

Example: 

value of property $500k

Repairs required are $75k

Your fee $50k

Equity build in 15%- $75k

Your offer should be $500k - $75k -$75k - $50k = $300k

Get a good realtor and contractor on your team to assist you with obtaining comps and repair estimates. All the best to you.