Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Also, you need to get a solid repair estimate as well.

I estimated the ARV to be 50k, with repair cost of about 26-30k, and the seller is asking for 4k.This is a big 5 bed, 2 bath house (1,866sqft)Where I'm confused at is I'm wholesaling and if I estimate the flipper making a 15k profit but putting in 30k sounds like it's more of a loss.Amy ideas?

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

One other thing you can do is look for a Real Estate Investment Association (REIA) in your area and start attending their meetings, you'll find a lot of knowledgeable investors willing to share their experiences.If your purpose for joining the group was to get more information on the rental application process, then you should ask, in a non-disparaging post, for input about the process from the accumulated knowledge represented on this board.

he says he owes 183.Zillow estimates it at 175.Comps range from 143-195.For whatever reason he says 150ish is his lowest he'd take cash.

That will not be the case if you buy as a short sale.Last question, if you buy it, lease it for 5 years, you have maintenance and repairs,  not knowing what you'll have in the property, or having an insured loss, can change your ability to profit, I'd think hard before agreeing to sell under its estimated MV or simply adding to your purchase price, neither price you mentioned has anything to do with the MV, so it may well look more like a loan or sham type transaction.

Hey Gabriel, the $2k is an estimate for handling the paperwork and minor repairs needed; I have yet to see a situation where a motivated seller of a multifamily property has gotten rid of a property that needed next to nothing but maybe this deal is one of those.