All Forum Posts by: Account Closed

https://www.biggerpockets.com/forums/88/topics/284...

3108 palmira right - it will go for over 350k and needs a lot more than 10k in repairs. 

@Brandon Battle He owns it. I think his daughter takes care of him. Yeah can't give up, eventually something will work out. 

Just went up to the property with inspectors. His neighbor came running out and said to leave him alone since he has Alzheimer's.... who would have guessed. Needless to say this one is a flop...

@Nathan E. Premium. Thank you very much Nathan and Jerry. I'll bring a contract and an inspector tomorrow. 

@Jerry W. Yeah I only mention Zillow as a rough indicator. I guess my question is how to proceed in the event he accepts my offer. Do I draw up a contract with him on the spot? How would I proceed post contract? 

Thank you!

This is the house. You can see the additions on the right. 

Hi BP!

I was driving home from work and took back roads. I noticed a house with a tarp on the roof and the owner sitting on the porch. I stopped my car and asked if he wanted to sell his house. He said sure, if the price is right. To my shock he asked for $80k for the house. Zillow estimated the house at $215k (whatever that is worth). 

There have been some additions to the house over the years, and cracks are visable between where one section and the other meet. The roof probably needs replaced as well. The inside looks fine. 

I told him I would be by tomorrow with an inspector so that I could make him an offer after I know how much it will cost to repair. 

If repairs won't cost more than ~50k, it meets the 70% rule and I can pay up to 80k, right? What if he accepts my offer, do I just finalize 203(k) funding, and go to a title company with him to close? I also noticed he had some lines of credit and mortgages over the years (hes owned the house since '86), will the title company sort all that out? 

Thanks a lot guys. Never closed a deal before as you can tell.

Any update? How did it turn out for you

I got 7.224% as well. Just Just curious your rationale for 15 year amortization? 

Hi BP community!

Quick Facts:

A friend bought this for $100k on Auction.com and offered to wholesale it to me 

ARV $195k

4/2, 1400 SF. Zip code is 33603 in the Seminole Heights neighborhood of Tampa

The property was smoked in. Estimated rehab costs:

Demo plus Dumpster: $1,500

Kitchen: $7,000

Bathrooms (x2): $8,000

Siding: $3,500

Doors (x2): $1,500

Soffit: $2,000

Flooring: $2,500

Drywall: $3,000

Paint: $2,000

HVAC unit: $4,000

Mold Remediation: $4,000

Foundation: $6,000

Total Rehab: $45,000 or $32 PSF

Holding Costs: $6,000 

Staging Costs: $2,000

Fees, Commissions, sales costs: $15,000

What do you guys think - What's the most you would pay for this, if at all? Am I high or low on the Rehab estimate? Using the 70% rule I get a $90k maximum purchase price. 

Thank you in advance!