The phone started ringing and the first call was this:Two Family HouseSTYLE 2 FamilyMODEL ResidentialGrade: AverageStories: 2 StoriesOccupancy 2Exterior Wall 1 Aluminum SidngRoof Structure: Gable/HipRoof Cover AsphaltInterior Wall 1 Plastered/DrywInterior Flr 1 Fin WD/CarpetHeat Fuel Oil/GasHeat Type: FA/HW/STAC Type: NoneTotal Bedrooms: 06Total Bthrms: 2Total Half Baths: 0Total Rooms: 12Bath Style: AverageKitchen Style: AverageLiving Area 2,578 square feetReplacement Cost 222,986Year Built 1935Depreciation 30%Replacement Cost Less Depreciation 156,100BAS First Floor 1037 1037FAT Finished Attic 1008 504FOP Fin Open Porch 224 0FUS Finished Upper Story 1037 1037UBM Unfinished Basement 1037 0Total 4343 2578Current Assessed ValueTotal: 131,880Zestimate $137,500Owner says it needs roofing work done and the porch needs to be fixedThere are 2 tenants one is paying $900 a monththe other isn't paying anything but is a family member which a reason he has to sell not making much money.Owner owes property free and clear and is looking for $70k or best offer.Comps in the area are about 115kso 70% is 80,500 - 20k repairs - 10k my fee = 50,500Supposed to meet with him today, my partner set the meeting up before I could talk to him.What do you guys think?

These can all be determined by an assessment of the physical property.

I'm sorry the arv is about 50k the assessed value is 36k without repairs.

That 30% of the outstand balance may not be met to release a property when the LTV of the new loan is assessed on that one property.

As the user or reader of finacial statements, always take the owner's assessment of FVM with a pound of salt, not a grain of salt!

My point would be that for someone to call an activity speculation without more understanding of the analysis and assessment that an investor did is comical.

He remits monthly payments for the use of your money for the term agreed upon.He essentially buys, renovates, and then flips.Upon the sale of the property the investor has their money returned.I was intending to invest 35K with him and be registered as the second mortgage on the property.The property tax assessment was 85K.

I give people a contract, an honest assessment of what I do, and a lot of consultation before a check ever comes in my mail.

I don't hold out hope because the auction is Tuesday and so far for 3 days we've gotten the run around.They said the appraiser went out the the property and assessed for $400,000.

Hey Jason like I have told so many other people you should look into wholesaling first...not to knock what you are doing but when you are first starting out fix and flip can be a little overwhelmingWholesaling will teach you TRUE values of properties plus you will learn to assess repairs and you will also make some quick cash...all good things !!