All Forum Posts by: Jay Turner

Andy Audate Thank you for the input. I feel like I'm being too paranoid about this, my area isn't a big one and I just want to make sure I don't shoot my reputation in the foot before I get started.

Hello BP world I may have my first deal under option for the purpose of wholesaling it and I need your help (thanks in advance). Side note - After suffering multiple years of "analysis paralysis". I've decided to finally take a real leap of faith. Here are the stats 1. $113,000 - $120k estimated ARV based on comps. See below for details about the comps. - (biggest home in the neighborhood maybe even the city, 6 bed 3 bath. maybe mid c class neighborhood at best. The closest reasonable comps are in a mid to high b class neighborhood less than 2 miles away sold and for sale in the last 6 months so I took that into account. The comps there are in the 140-170 range) 2. $10,000 -$12k repair estimate (seller says $5k but I don't agree). See below for estimate details - (I'm not a contractor but I have considerable experience with home/commercial rehab. My estimate is certain to be on the high side to account for unforeseen costs.) 3. Seller is asking $74,500 I intend to make $4,500 on the deal, for an all in total of $79k, the owner was willing to reduce his original price of 79k to account for my assignment fee. 4. This property is pretty much ready to go (very close to turn key) the wood floors need polyurethane or carpet, roof is metal it needs to be painted and the grass needs to be cut and bushes trimmed. Other than that the siding and deck needs to be cleaned (surface dirt), maybe some fresh paint and it's ready for renters to occupy. Here's my dilemma. . . 79k seems a little steep. Should I try to get a lower price (seller has dropped price once already), take a smaller fee or pass on the option? I think finding a buy and hold investor would be the way to go but would I get "laughed into oblivion" for pitching it to buy and flip investors too? The seller has a conventional mortgage and may not be able to go lower hence why I need an experienced opinion. If it helps, It's close to Eden nc's market. Thank you for your time to whoever assists as this is my first wholesale deal and I'm excited about finding it so quickly and don't want to lose it if I don't have to (I found it while building my buyers list, he reached out to me.) Please excuse the long winded post, I wanted to be complete so I can get the best possible assistance. Thank you again

Scott D Fitts meant to add that to my reply to you

I'd say the comps are pretty strong I looked at a total of 5 comps within 2 miles that sold in the last 6 months two of them priced at 89 & 99k and the higher comps came in at 146k and 170. I took into account that this property is in a high C area at best and my higher comps came from a b class area. So my ARV takes into account the difference in neighborhood this is a 6 bed 3 bath home with 14k square feet of land 2800 square feet is the house size and is easily the biggest property in the neighborhood

Hello BP world I may have my first deal on the table but before I take it on I have a question as to whether or not this is a good deal. Here are the stats $113,000 estimated ARV based on comps $10,000 repair estimate (seller says $5k but I don't agree) Seller is asking $79,000 This property is pretty much ready to go (very close to turn key) the wood floors need polyurethane, roof is metal it needs to be painted and the grass needs to be cut and bushes trimmed. Other than that the siding needs to be cleaned and it's ready for renters to occupy. My intention is to make $5k on this deal. However 79k seems a little steep. Should I try to get a lower price or let it slide if I can't? The seller has a mortgage and may not be able to go lower hence why I need an experienced opinion. If it helps, It's close to Eden nc's market. Thank you for your time to whoever assists

Awesome! thanks @Michael S.

Hello everyone, new investor from the dry fork/danville VA area. My main focus at this time is wholesale properties. I am starting from the ground up so any pointers/tips/warnings are encouraged :)