OfflineFound another property Asking $680k another high end one with equity in it...Although if they listed with an agent im pretty sure its more...If I can get it lower possibly around $700-720k (if its higher, if not then im good), depending on the accepted offer price (speaking it into existence) I will be able to assign the property for $50k or maybe even lower if I can't get it to sell which will create even more equity after closing costs...so heres the kicker...Lets say I get the offer accepted at $720k...At $680k the house was valued more than $300,000...since its now possibly higher if its with an agent, the agent will get a 3% commission and after closing costs and assignment fees the buyer will end up with $140-150k instant equity in the property...I know an agent who works the area...So he is giving me the scoop on how much the closing costs will be ect, ect, if I cant get it lower than $720k the buyer will still wind up with a nice profit of about $112k-120k AFTER closing costs and assignment fees and I will still consider lowering it if I cant sell which will still be high...Now tell me, is this deal better than the last one I posted about? The house is remodeled and he doesn't have to do anything to it yet again...Since I haven't gotten information back from them yet, I cant tell you all the details...this is the gist of it...But the property is in CA this time...So im pretty sure Ill get more bites...If not, I know some money lenders that wouldn't mind sharing LOL
Evaluate this deal for me
Posted on: Sat, 08/17/2013 - 21:08
Dean has gone to great length to provide us with the tools, the deal analyzer, and Total View to get an idea of the current price of a property.
It should not matte what people "tell" you, you need to run the numbers for yourself and then if you just want others to reinforce your analysis you will be able to determine if you made your calculations correctly. If not, where you went wrong. All of us want to make correct decisions, but until we have all of the facts, we can not make a quality decision.
Sometimes, we just have to start trusting our own property analysis.
We are here to support you if you need it.
Best of luck with the property.
Stay Focused
RER
I am very confused by your description once again.
Take your ARV number (which you will determine by the comps)multiplied by .70 (70%) - repairs (you say there are none) - the fee you will charge and that will equal the top offer you should make.
That is your formula. If they accept that or less, you have a good deal. If not, you don't.
Karen
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Keep it simple Vonny
Valerie
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