Pricing a Wholesale Deal

[Brian Cowan]

Hey Fellow BP Folks,

I am new to wholesaling and need some help pricing a deal in Florence TX which is just north of Austin TX and south of Killeen TX. It was originally built in 1930's, 1,100 sqft 2/1. Was bought 5 years ago for around $85,000 and remodeled to a 1,600 sqft 4/2, BUT the remodel is not complete. Was taken down to the frame and new electric and plumbing was installed. It has no floors, fixtures, A/C, drywall has not been taped and floated. Florence is a very small town so there are no good comps to compare to. So I am seeking advice from other wholesalers, especially ones with experience in central Texas, Williamson County or northern Austin suburbs. How to come up with a good offer price? I am assuming $25/sqft for repairs since the remodel still far from complete. What would you pay for something similar if buying from a wholesaler? Thanks in advance everyone. These forums are a great source of info and I appreciate all the help I have received!!!

[Account Closed]

I know nothing about your market or wholesaling. But as a buyer of fixers, I would not be interested unless you were beating the MLS. Where would a bank price this property? The rehabbers around me tend to like the lipstick on a pig flips where they can paint and carpet and move on. When I see a rehab project where drywall is unfinished I get nervous. Why did they stop? Did they find something I don't know about? No permits I assume. So I'm thinking I have to take this stuff right back down to the studs. Then it's actually more work than if they hadn't even started.