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Updated over 7 years ago,
First deal question. Is tbis a deal?
Hi everyone!
I'm new to the REI game and I found a property I'd like to wholesale. I'll say I've been going through some discussions about uneducated wholesalers who are cheats and I definitely don't want to be a part of that group. I am a honest person and treat with people the way I would want to be treated. With that being said back to my first potential deal. The property LP is $85k and they said they would take $77k. the property does need some love but it is fully functional, clean and safe as it is currently occupied by great homeowners that take care of there things. im going to have house appraised and a few contractors there to evaluate and estimate. It doesn't have central air so I was already planning on adding around $7k for that and maybe another $15k for carpet/tile, new paint fixtures and any other repairs but won't know for sure until I get itemized repair list from contracts. Sold like kind comps with no rehab selling for $100k-$115k. rehabed comps sold for $120-$145k. Would you guys and gals say this was a deal? I was going to tack on $3k for my fee
3/2
1116 sqft
built in 1921