Need help analyzing first deal!

[Account Closed]

Holy crap! I just got off the phone with the first person I've ever called about a deal, and I still have butterflies. I am so nervous.

Anyhow, I'd really like some thoughts on this deal. This house is in really rough shape (started out as a rehab that lost funding), so it still needs a lot of work. By the way, this is a wholesale deal

• Estimated ARV: 130,000 (there's not garage on this one), houses in the local area with ~100 more square feet have been selling for between 150k-160k. Her ARV was 135k.
• Estimated Repairs: 50k, I have no idea, this is where I am weakest, I am terrible at estimating repair costs (I need to buy the J. Scott book)
• My fee: 5k

Formula: (130,000 * 70%) - 50,000 - 5,000 = 36,000 MAX

So she's asking $45k, but I called her and she said she had an offer for $35k.

My next steps: I told her that I would meet with her and a contractor on Thursday to really check the repair costs and make sure they're accurate. Also, I want to get in contact with a realtor and run better comps for me, especially since this house doesn't have a  garage.

I really wish I had more money and experience to flip this house, because this is a pretty sweet deal I think, and I'm excited for it. I'm trying to remember not to get too emotionally invested in anything.

Can anyone PLEASE let me know if I am missing anything.

I couldn't upload more pics, because they all came upside down.

[Ryan Detig]

@Account Closed  Congrats.  I am assuming you are acting as the wholesaler here and are trying to determine what you can offer her and still be able to assign it.  At least that is what I am getting.  Regarding the repair costs I can probably help you with that.  Can I please have some details on the house?  How many bedrooms, bathrooms, and sqft.  Any exterior landscaping that needs done?  Roof or foundation issues (those are your most expensive items)?  I recommend when you go to see the property that you take a piece of paper with you and create a very detailed scope of work.  My first scope of work was detailed down to the number of outlets and switches to be replaced per room.  Once you have a scope of work feel free to send it to me and I can look it over and give you rough numbers.  I can tell you that 50k in repairs can get you a TON of work for a 3/2 1500 sqft house with the right contractor.