(this is what my mean sister is counting on - so that she can buy it for a song now that she has virtually destroyed it!)

Is there a formula you use for your assignment fee or is that a number you and your buddy came up with?

He learned it at the kitchen table.IMHO, the more complex a formula.

Here is a simple formula based on affirmation:1. set a goal2. write the goal down3. tell others about the goalThe more specific the goal, the better.Good luck!

This leaves $2,500 left in the 70% formula for your fee.This is not very much room to wiggle at all.

"Magic" formula's should only be used in the initial processing stages.

Here's the formula that I have used for years and that I teach to all of my students:ARV - Rehab - Buy/Sell/Hold Costs - Profit = Maximum Profitable OfferThe MPO is the deal breaker price.

Now if you find a formula that will tell everyone how long or how low a bank will go on a REO then sell it, because you will be richer than bill gates :lol: :D

If I follow the formula of ARV x 70% - repair costs = max purchase price, I'd have to get it for $93K.

Dan has laid out the high level formula, now just fill in the pieces and ask questions when you get stuck along the way.