All Forum Posts by: Justin A Pratt

Click here for comps, rehab budget and pics

$75K asking price

$40K rehab

$165 ARV based on comps

Finished basement will need a complete rehab.  Lite rehab and upgrades only for the rest of the property.

@Frank Hinck

Thanks for the info. He does want to sell to me. I've explained the process and that the offer price will be based on the ARV and rehab cost. I do know it needs a new AC unit and has water damage so I'll be sure to make those points stand out when running the numbers with him. I'm going to show him my numbers as I have them estimated to show the why behind my offer.

BP Community,

First, thank you for your time in answering.  I appreciate all the great people that are willing to share the knowledge and experience they have with a newbie.

I am about to walk into my first appointment with a seller and we are pretty close with his selling cost and my MAO. Close enough that I feel strongly about getting him to take my MAO. I put together the attached comp analysis that I would like to show to my buyers. My intention is to ensure every deal I get into meets the 70% rule for my buyers so the ARV matters!

Please be gracious enough to check out my analysis and give your thoughts. I lucked out with getting some comps that fit really well, but would like to get feedback on the layout and detail. I am going to use a $170K ARV based on my analysis.

Thanks for your help, and please be brutally honest.  If it is wrong, I want to fix it before I speak to my buyers.  The buyer relationship is key to sustainability from what I can tell.  All sale data is from Redfin and the sold range they give

@Kathy Henley

Thanks for the info. This is really helpful.

I've decided to go with Redfin and Zillow data to get a picture of recent sales and adjusting to get to my ARV. I'll update on results.

Thanks for the info.  I have my first motivated seller and I know what he is expecting to get for the property.  I want to be as transparent with both seller and buyer as possible.  I assumed I would pay the closing costs out of my assignment fee, but this looks like you have the buyer handle that.  Is that common practice or is it a matter of preference?  My initial plan is to cover all closing costs myself and factor that into the assignment fee.

 Thanks for joining this conversation.  I appreciate your time in answering for a couple newbies.

BP Community,

I'm just getting started in wholesaling and have a motivated seller and his expected price.  I want to run the numbers on the deal and see some good comps on Zillow.  However, I'm not sure of the accuracy of the sale price.  I hope it is correct, but it seems higher, relatively speaking.

Has anyone had experience or been able to confirm the listed sale prices on Zillow?

@Chase Guelette

I would recommend asking the title company you plan to work with if they have an assignment contract. I got both the purchase and assignment contracts from my local title company. That will also ensure your purchase contract is assignable.

If the title company doesn’t have them, find a RE attorney.

@Shawn Burns

Thanks for starting this thread. I’m looking for some of these answers as well.

@Kevin M Dobyns. Congratulations!! Good luck with the rehab and BRRRR.

@Daniel Zamudio. Thanks for the info. I didn’t even consider that. I’m still new, but do have a title company I’ve been speaking to. I’ll reach out to them and see if they offer this.