All Forum Posts by: Cedrice R Young

Thank you so much! If I could ask for your opinion...is the math spot on? That’s what I’d really like to know.

And with me being a newbie I figured that the comps had to be very specific but I'm assuming it's finding the most ideal comps in terms of square footage and bedrooms? My state's MLS didn't have many relatively close comps (except one) that's why I asked

Hello all, I am a newbie wholesaler and I am in the process of working on my first deal! Math has never been my strong suit so I am trying to be meticulous in my research and calculations. Please please PLEASE let me know if I am doing right or wrong! I thrive on constructive criticism.

So I have motivated seller who lists his purchase price at $99,000 and the home is in need of $50,000 worth of repairs. I've done my due diligence in researching and calculating the ARV which is around $194,000.00 Once I've done the math, and factored in my 10 percent assignment fee, I have the offer price at $66,400. Would this be accurate and reasonable for my buyer and seller if I follow the standard equation of ARV(.70)-repairs- my fee = offer price. Please let me know.

Furthermore, but only just in case, I have created negotiable numbers just in case the seller doesn't budge on my original offer fee. It would result in me taking a $9,400.00 pay cut leaving me at about $10,000.00. Do you guys think this is smart? 

Lastly, does anyone have any suggestions on how to go about getting accurate comps if Georgia MLS isn't as helpful? I had to devise the comps myself and calculate the ARV from there. I'm not necessarily worried about accuracy, but I do what a solid estimate. PLEASE HELP GUYS! Thank you!