All Forum Posts by: Jamal Tyree

I have a deal on the table for duplex (actully 2 condos) at 850 sq/ft each or 1,700 sq/ft total. Currently being renovated on one side and rented on the other.  Current rent is $920 per month but the area will support $1,200 no problem.  Roof, HVAC are less than 3 years.  New floors, appliances and updated bathroom to be completed in the next week.  

Seller is asking $325K minimum.  Neighboring property same size (cluster of these condos in duplex or triplex form) is selling for $223K but needs roof, HVAC and updates.  

How do I evaluate this property?  And most importantly how do I pay for it without putting down 20%?  I would like to save that money for incidentals and the next acquisition.  I can put down as much as 5%.   Are there any lenders in the metro atlanta area I should reach out to for assistance?  Thank you all.

JT

Hello,  I'm working on my 1st deal and I'm putting together my offer today.  

The property located in the Metro Atlanta area is priced at above ARV. You name it and something is wrong. See below. How do I figure out how much it would be to knock it down and build a new house.

• - 1250 sq ft
• - list price of $175000
• - $153000 ARV
• - $60000 Rehab costs
  
• - MLS
• - my calc purchase price is a max of $45K

Repairs would include roof, sub floor, floors, bathroom, kitchens, pet odors (snakes, birds, dogs and so on), front porch, back porch, mold, electrical etc... possible meth users.

As this is a wholesale deal, my end goal is to wholesale the house a walk away with a check but leave plenty of meat on the bone for the rehabber.  

Please help me with my expectations.

Wholesale fee?

How much to knockdown the house and build a new one?