OfflineHello Everyone, We got an offer accepted at 81k our estimate needs 5-10k of repairs ARV is 134k hoping to assign contract, not too sure how much yet who can we get to confirm our estimate cost? contractor or inspector?, and do they charge to come to look at the property? 2)In terms of the contract how do i put in the contract to the seller that I'm putting it on contract for 60 days and I want to be able to show it to my partners/investors should my realtor know how to do it? any feedback would be great really trying hard to close our first deal thanks
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Hi Kap if you have a good REALTOR who has been a Realestate Investor an has work with Investors He/She will know how to go about this( think before you leap), Jim
jbischoff
Hi Kap your on your way keep taking those steps an congradulations, Jim
jbischoff
You need to ask your Agent..Say Listen In order for me to sell this Property Real Fast What would the price be for a quick Sell...I know you said the ARV was $134k It might not sell fast at that price..You have a $53k between purchase and ARV price Plus you have to minus Rehab,Your Fee.Plus You need to know how much your buyer Is wanting to make at the end. so You might only make like $5k on this deal which is Great money.Do you have a buyer yet.
I have put in alot of offer and some of the seller put that they dont deal with Assignments did your Agent check on this for you
A contractor can come out an give you an estimate. The contractor should not charge you. The reason the contractor will not charge is because they are hoping to get the job from you. You should get at bid on repairs from at least three different contractors or ask your network for a referral.
Have you asked a re attorney to put those contingencies that you want in your contract?
Good luck!
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
Thanks Jim
an attorney already selected???
a contractor that you will give you an estimate. Most contractors do in fact charge somethnig especially when you dont own the place and to them you might not, so why waste their time???
Some 'just in case' money?? Just in case money is when something pops up on the title like an old water bill that must be satisfied and the seller is not dealing with it. Or a mechanical lien from a contractor who didnt get paid fully for finishing a job......or just in case your estimate is higher than you expect. It normally is.
Good luck to you
PS,...add some info to your bio. That might be a reason you're not getting much feedback on your question
Hey KAP2011,
Congratulations on getting your offer accepted. However, I am a bit puzzled.
1. Has the seller signed a purchase agreement already?
2. You could have stated in the agreement that closing would take place within 60 days contingent upon your partners approval.
3. place an ad in craigslist to get an estimate from a handyman or licensed contractor. State that you want a FREE written estimate that details what work needs to be done. If asked, state that you will use them for the work if you feel his/her estimate is reasonable compared to others. Ask for references to verify their work.
4. Home inspectors charge--point blank. If you get a home inspection be prepared to dish out 300 - 450 up front unless you can negotiate a deal where they get paid at closing.
Hope this helps.
Leon J.
Yes congratulations and I concur that you should contact your agent and let them do the work for you. Tammy
www.tw4homes.com website
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Learn very quickly what needs to be done because if you plan on working with a certain realtor, they will not hold your hand on every deal.
But, more importantly, knowing what you're doing is best for you in particular.