All Forum Posts by: Rocco L.

id love to do Bergen, but im priced out of it.. so im looking into ocean, Monmouth, middlesex

anyone in this thread looking to partner on a fix and flip in NJ? I am having a hard time finding a deal down there and would like to partner up if there are any possibilities and it makes sense.

hi huy

Would he takes less than 130 and is there anything you can do to improve the property? What is the current rio with the numbers?

I want to get more feedback of this deal..

I have a 3/2 2300 sf house with pool and hottub, water views under contract for 145. I did my walk through yesterday and I needs about 35k worth of work ..The ARV is around 215-235 from what the agent said and what I can see from the comps.. but the house needs a lot of work..

Now I think 145 is too much to spend.. I need to be around 130-135 to be in this for a 10%+ of ARV profit.

Assuming the MPP formula:

ARV of 215- 35 reno -17fixed costs-30 expected profit = 133. That's the number I should be at.. I think the 12k really makes the risk go higher in case something goes wrong that is unexpected..

Using the MAO formula

215x.7-35k = 115k but I don't think this is too realistic.. The bank would never let it go for this much.

Looking for some opinions on this deal from some experts..

Thank you.

awesome to hear this all.. great feedback from everyone and thanks John for sharing your experience.

thanks @John Thedford . Is it easy to rent a 4br home in the cape? Do yo use a realtor to find a tenant or just the usual avenues like Clint, etc, etc. what price did you pay for this new property? Always good to know what a 4br goes for in the area these days

Hey@John Thedford . I offered on a house in Cape Coral today and have a strange feeling about it being the same place. My deal was listed at 149.9 and need total rehab. Can you shed some detail on the house you let go.

thanks Justin.

Thanks Kerry. My original offer was 120 (so used *.70), there was another offer at 140 so I had to top that. I can bail still but I think even at 140 there is a decent profit.

The realtor think 238 is more realistic for sales price also but I felt like 225 is a very conservative number

SW florida riverview 3+den / 2 ba, 2300 sf under air w pool and hot tub

Offer 145k cash

ARV 225k

Repairs 35k

Taxes 2600/yr

I think I can get the work done in about 8 weeks with my guys and back on the market..

Can I make the den a 4th bedroom?

Wanted to get some feedback on this or to see if there is anything I should factor in that Im not

Any advice is GREATLY appreciated