Possible first and second deal

[Eric Keller]

Hey BP I have, what I think to be my first and second deal as an investor. I will break them down as follows;

First deal: whole sale

Seller is wanting to move quick. He has owned the home for 8 years and it is free and clear. It has a new hot water heater, roof is good, exterior is in decent shape. Interior needs some polishing but not too bad. Also needs a furnace. There is a section of the basement roof that has mold growing (8x3 ft) from a leaking toilet. ( no sewage)

He was asking 16k and I got him down to 9k. I estimate that repairs will be in the 4k range. Recent comps are in the 40 to45k range I have a good buyers list. If you think this could work what should my asking price be?

Deal 2: flip

Seller is slowing getting out of the business and has started the flip but has chosen to sell instead. He has it priced at 9k. This property will need around 5k to be finished and comps are in the 40k range. It will need a hot water heater and a furnace with duct work. He has almost all the pieces ready to go they just have to be installed. Good roof, electric that has been inspected and plumbing. I can do all the remaining work except furnace. He has done 12 houses in the neighborhood and offered to help me out in anyway.

Let me know what you think.

Thanks.