All Forum Posts by: Amalya Winters

@Andrew Johnson I completely agree and understand the positions on both sides as I am 14 years in the business. However, this family member and myself have been valuable to one another in business. My family member was introduced to the buyer by a wholesaler who botched the deal. Family member wrote a letter directly to the seller and they were able to connect, made an offer and closed it. Cash is king but they used retirement money that has to be return by the end of June or they face a penalty. The odds of them getting this fast of a turnaround on a property built in 1974 with zero improvements since it was built, would be far reaching to say the least.

Thanks Matt. I agree, except I'm actually the buyer and discovered the profit margin from public record. We can't help but feel a way.

Did you sell to a family member???

Is it reasonable for a person to sell a property in less than 45 days with no improvements for 30K more than acquisition? Purchased property at 155K cash, selling for 185K. It is a familial transaction to a close family member, so would like to know what is customary for a short term investment of this nature.  By the way, property has not been updated since the 70's, when it was built. Property appraised at 199K. Closing cost are between 6-7K. Buyer would be all in at roughly 192K (assuming closing cost are 7K) Please advise as I think the profit is excessive. Thanks in advance.