Quote from @Jeremy Medina:
Quote from @Jerryll Noorden:
Quote from @Jeremy Medina:
Quote from @Jerryll Noorden:
I will go out on a limb here and say, the reason why you are struggling is because you are trying to find cash buyers.
Go find delas my dude. Once you have a deal what cash buyer will think twice about reaching out to you to get their claws on that deal?
Cash buyers come automatically when you have deals. Focus on getting great deals under contract!
Obey The Monkey, Always!
I got 2 deals that are about ready to be under contract but i don’t know where to find the buyers and contact them.
Good for you. Now..
I do not mean to be negative here, but ...
"about to be under contract" ...
be careful with that.
1) You do not have it under contract so you have nothing yet. I don't mean to be a douche .. I just know what I am talking about here. I won't go into it now.
2) Getting it "under contract" doesn't mean it is a good deal.
Why don't you share the details and we all can be of much better help.
Tell me the numbers. If the numbers are bad, you can escape hell by walking away NOW before you actually get the contract signed.
What is the ARV? The ACTUAL ARV.
What is the cost of repairs? Show pics.
Share this with me here and I will genuinely give you my opinion on this.
A home in Bardstown KY arv in the area with comps 225k and with estimated repairs of 65k (said by the seller) and negotiating it for around 105k. I currently don’t have much photos expect the ones she provided and are waiting for more to be sent.
The seller NEVER gets the ARV right... so you know.. but apart from that. Lets assume it is correct.
$105 + $65 = $170
Closing costs I would suspect to be about $16K so you are all in for $196.
Now this doesn't include a safety margin, or holding costs etc. etc.
The profit would be around $30K, if nothing went wrong and there are no additional costs (which is NEVER the case).
Now if you want a $10K assignment fee that would bring the profit down to $20K for the buyer
The investor would be all in for $206 and he would make a $20K profit.
That deal is too skinny for my taste.
Just to do a verification using the $70% rule (which I am fiercely against btw)
That would be ($225K x 0.7) - $65K - $10K (your fee) = $82.5K.. should have been your offer.
So I stand by my first message.
You and so many like you, are struggling because you are not focusing on the right thing. Forget cash buyers, go find a real deal. Cash buers will come.
Seriously.
I know many people ignore my advise.. and that is their own fault when they struggle.
It is hard to let go of what you want, and do what is right.
Can you handle that?
