All Forum Posts by: Leo Lanza

Where do you find deals if not from wholesalers? I've been told the MLS doesn't have any due to so many people searching?

I've been looking for properties from wholesalers and I've noticed they don't price them in the price rang i need. Example below: My question is can i negotiate with wholesalers? Should i be able to get down to my price rang or are their prices set in stone? Thank you for your time!

ARV: $109,000

Cost: $51,000

Rehab: $34,000

Price i want to buy at: $109,000 x 70% - Rehab = $42,300

Oh i gotcha that just clicked for me! Thank you! I hadn't been subtracting the repairs for 70%!

The property would be purchased 60% off market value, so their should be plenty of room for profit, but I agree the profit from my calculation is far to thin! The rehab estimate is from a contractor bid. Does it look like it's the rehab making the profit to thin or have i miss calculated on the closing cost, carrying cost, financing cost etc?

I've been working with a wholesaler in my area trying to analyze this deal, but I want someone to take a second look. Preferably someone with a few flips under their belt to see if I'm running these numbers right. I will be using a Hard Money Lender 70%ARV @ 14% interest. Please point out anything i might be missing very nervous for my first flip! Thank You so much I appreciate anyone help!