All Forum Posts by: Marcus Durant

@Jo-Anne Fenwick, I was using the standard math and underestimated repair costs. I factored in a 10k cosmetic repair because the house is in great condition. everyone of the investos i showed it two said they's have spent no less than 20k. some even 30k. also, i was using .7 for my MAO. In marketing this property i found a mentor i have been working with and he said use .65 for our market to make room for my fee. my margin on top of what i got it under contract for has killed this deal.

@Elijah Moore i dont have a buyer yet. msg me

Still Shopping the deal. Most cash buyers are saying they wouldn't pay more than $50k for it. shopping it to landlords now. 

this is an enlightening experience to say the least. 

@Mike Hill , 

Thanks! very valid. I will aggressively market using the methods above. I am on 3rd now. I'm not home safe till a check clears. lol

@Hector Lozano @Michele Sidney Thanks! Now I gotta get it assigned and closed!

I did it!!! 6 weeks of marketing. 3 offers and i got my first contract signed. $115K ARV signed at 67K. needs about 10k in work. house was hit in tornado. whole second floor was redone( roof, bathroom, bedrooms. everything). needs work to patch stucco near foundation, paint/stain on main floor and an update to the kitchen.

I'm excited! just wanted to share and thank everyone who made themselves a resource here at BP 

Update. 

Got a contract on the second house. ARV was closer to 120K. agreed to 67k. shopping to buyers now. looking forward to getting this one assigned!!!

@Elizabeth Wilson Thanks!!!

@Lucas Machado Yep Yep!!! this will be my 2nd and 3rd Sellers. 2nd and 3rd Offers.  I really want to make it in real estate and i live by the mantras "you only get what you strive for" and "Seek and Ye shall find" lol!!!

Hi Everyone.

about 6 wks in I have made one offer that was outbid (oh well). that property was a 4bd 1a that need 20k in repairs (possibly 30k if mold was discovered behind the several owner-installed panels throughout the house). the ARV was 130. 4 offers were made and the highest bid was 110k. I started at 80. It was an informative experience.

This week I have 2 sellers I'm meeting with. the first has a 3bd/1ba house from 1885 that needs EVERYTHING. he put in new walls. it needs floors raised, a kitchen, 2 ba, lights, etc. repairs were estimated at 49k by my contractor. ARV is 135k. he says he wants at least 70k, lol! (he only paid 10k for it at auction and put in maybe 10k for all the new dry wall and paint.) thinking MAO isabout 45k

Second House is a 2bd/1ba that just needs about 15k in repairs. an updated kitchen, paint and refinishing of the hardwood floors on the main level, a few cracks in the stucco and some paint. purchased for 45K and ARV is at 109k. MAO is around 52-57k.

just giving an update that I am trudging along. meet this tuesday and wednesday to make my offers. 

Wish me luck! looking to sign my first deal. 

@Tim Campbell

hi, would it be ok if i PM you as well for recommendations?

@Keith Fjelsted

@Mo C.

Hi, I am a wholesaler here in the twin cities looking for a good contractor. I will PM You both if thats ok. I just wanted to announce myself