Hello fellow members,
I am a new R.E. Investor trying to get my 1st deal. Per current status in life, im working on 'Purchase and Sale Agreement' and 'Assignment of Contract'. Im using sites recommended by others to get a properties current value and since I live in Tucson, AZ. im also using http://gis.pima.gov/maps/landbase/parsrch.htm and selecting 'Assessors Parcel Detail', then selecting 'Sale Comparables' at the top of the page to get my comps. This is what I've been doing once I see that properties value...
Lets say it's estimated at $100K. I then subtract
-Closing Costs (3%) = $3K
-an estimated $5K in repair that my Buyer will put in
-my profit of $(5-10)K
The remaining figure is $87K or $82K. This would be my offer amount.
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