All Forum Posts by: Luke Mccandless

Idea was to rent. The repairs would be 20k higher to flip. ( new windows kitchen rehab etc) 

Rents just are not that high in this area Spokane Wa Its a very large house 3000 sq ft. I think the limit would be 1350 for rent in that area.  if all other things we fixed what would your offer be on the price of the home to made it worth it ? Our offer was 85 they countered with 95.

There is a foreclosure for sale next to the families house. It would give us better access to the 2 acres we have and based on my numbers be a good investment on it's owe.

Here are the details :

$95,000 offer that we worked down from $109,000 the bank wanted

$1500 in closing costs - (cash deal to refi after)

$51,000 in repair cost 

$2100 in taxes per year

Will rent for $1250 a month 

Tenant will pay all except garbage and $50 a month.

ARV:

$185,000 quick sale

$195,000 top value.

Our two concerns, one, the repairs are extensive the wiring and plumbing were completely stripped. If the repairs get too high over budget etc, it will become less profitable.

Two we have not worked with these contractors before, though they come very highly recommended and other bids were similar.

What am I not considering that I should be ? Thanks in advance.