But since the market is soft now - you can't really depend on the comps from 6 months ago.

But believe me, those that are successful in this type of business are those who are honest, transparent, soft spoken, great listeners and one who cares more about the players than the game.

I think I would have done like @Dan C. and just brush them off.

@Ed WoodThe article paints with a broad brush and draws conclusions that don't apply everywhere.In one county that I deal in, the number of foreclosures at the LAST sale was the most in history!

The way I learned it is that the 30% you subtract right off the bat does indeed take closing and holding costs into consideration.I was taught that 10% = soft costs and 20% = profit.

End-game possibilities to (a) put on the market to sell after 4 months refurb – could be worth $575K ARV and if sold quickly yield me a 30%+ cash on cash return, or (b) if soft buyer’s market then put out to rent, with projected 9% cap rate.My main questions:If I put in 90% of equity, what % of profits would be competitive?

Is it just plywood that is rotted out to where the floor is soft or will fall through if you step on it?

The problem is getting into the game with only enough in the bank for soft costs and reserves.Thanks for your input.

YouTube and Google are your best friends when you get stuck.Painting and clean up are the easiest, followed by drywall and tiling (drywall requires a lot of patience due to having to use multiple coats of mud), and then comes plumbing and electrical.Get the right tools for the job - a good cordless drill and saw, trowels, paint brushes, etc. the extra few dollars will save you a lot in trips to the store and lost time.

I made a soft/rough offer and feeling nervous about it and wanted to see if anyone had any insight.It was difficult to pull comps because of the uniqueness of the property but the closest I could find were 3 properties that sold in the last month and were all 6-families that sold for roughly $600k all of which had 3br/3br/2br type setup.The subject property has 5 two bedrooms, 2 studio's and the commercial unit.