I'm new at wholesaling, started to go to some meetings NJREIA, did some marketing, got some phone calls and went to see this house in a nice area in NJ, the owner had a Fire in the property its a single family that had 8 Bed, but they converted into 6 Bed after the fire, the house have 3 floor, and 3 Full and 2.5 half bathrooms.He started rebuilding it, paid a contractor, he started the work but at some point he stopped kept the money and was never seen again and didn't finish the house, so the house needs :1- new wrap around porch (it doesn't go all the way, only in he front and half side of the house).2- Finishing bathrooms ( 3 Full and 2.5 half )3- Kitchen as cabinets in place, but needs to finish fixing them to the walls.4- Finish walls in 1 bed.All electric & plumbing is done, as alarm and phone line, so basically needs finishing walls, and bathrooms, finishing kitchen and porch,My question and the help I need is + or - how much do you think it costs to fix a wrap-around porch of 500 sf, and how much do you think the rest of the work that I mention costs :)Do you think you help me doing some math so I can give a price to the owner ;)Thank You so much !

In addition to the books Ellis mentioned above, which are excellent, you might consider taking Gary Johnston’s Money Not Math class reviewed here, as well as his Financial Freedom course.

Oh duh, sorry, I wasn't doing the math.

Logistical nightmare.Also sold some single wides across the pond...but when the buyer did the math and found that we would be spending more to ship than the home cost, it was cancelled.We do ship SIPanel homes to Haiti in a container and then put them together when we get down there (going again in 2 weeks).

There's no easy way, you have to do your homework.

On inside it looks clean no visible signs of wear and tear but again i have just seen pictures.Estimate Rent: $700/mo (both units)Math: This property passes for 2% and 50% rule (based on atleast $40k purchase price)========================================My question is should i go for this property as a first time buyer knowing it will need some money to fix porch ?

Definitely do the math to make sure all the numbers make sense.

If I have done my homework, it is reliable security with good intentions.

Its all about doing your homework.

I know I can rent this place to college kids for $350/per bedroom ($1400).So my math breaks down like this:Purchase- $85,000Down Payment- $17,000Mortgage (80%)-$68,000 (@7%, $450/mo)T&I- about $200/moVacancy and Repairs (15%)- $210/moTotal Costs- $860/mo$1400-$860=$540 cash flowCash on Cash-($540*24mo)/$17,000=76%Cash on Cash w/ mortgage-($990*24mo)/$17,000=139%This looks to be a great deal...