OfflineAssign to.
I have been tring to find deals to assign to other investors. I have found, what I think are deals. But the investor is telling me he needs to pay some rediculous amount for him to buy it (take assignment) from me. Here is one of the deals:
3 br 2 full bath
1800 sf
needs 50-60k in repairs
ARV 280-300
He said the most he would pay for this would be 120k! I was like WTF are you smoking crack. I am thinking he could pay more like 190-200k (If I can get it for 180k). What do you think?
Thanks,
D
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Don't Wish the Past, Create the Future! - DH
Can you provide more info about the deal? What are you basing your 180K figure on? Why is he stating he is only willing to pay 120K?
what more do you want to know...it needs 50-60 in repairs, ARV is 280-300. I am looking to offer 180k. The investor told me he would only be willing to pay 120k. Why would he be so greedy / trying to rip me off!!
thanks,
D
Don't Wish the Past, Create the Future! - DH
Move on to the next investor. If your numbers are that good then you won't have a problem assigning the deal? Have you locked up the deal? Have you been to a local REI club?
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
I have tried to get details on local REI clubs but have not found any "active" ones.
Do you think thoes # are good enough for me to assign it to an investor for say 10-20k?
Say it is assigned for 200k, with 50 in repairs...he is in it for 250. He could saell it for 280-300. Thats a profit (less carring costs)of 30-50.
What in the world is wrong with that???? Help me understand where this guy is coming from, and why he feels like he needs to rip people off.
Thanks,
D
Don't Wish the Past, Create the Future! - DH
I realize there is some uncertainty here so it's hard to say. 120 seems too low.
But if its 200 and the repairs turn out to be 60 (your high end number) then he probably ends up making nothing (given closing and carrying costs), especially if he ends up having to sell at the low end of the range. Any way you can tighten up your numbers?
ie 300 - 50 - 190 looks a lot different than
280 - 60 - 200.
Otherwise, he may end up in a situation where everyone gets paid but him.