OfflineHello All,
Hope you had a wonderful Christmas and waiting on a grand New Year! Okay back to business. I have a seller who has a property that he would like for me to wholesale for him he is asking to get back $10,500 but the unpaid taxes are $11,700. How would I come up an offer price to put on the assignment contract? Is this deal even possible? How should I approach this because he has 2 more properties just like this one?
Thank you
Shonna A.
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Sounds like you need to add $22,200 to your buy price to cover the taxes and your buyers money. If you have room to do so then this is still a deal. If you don't you may have to negotiate on the buyers $10,500 or move on to the next deal.
I don't know if the deal is possible because you gave no numbers.
ARV is -
Repairs/remodel costs are -
Buy price is -
What is your exit strategy?
Happy New Year!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Good luck. I cannot wait to read more about this.
peace,
Dana w/ Crossroads Solutions LLC
http://www.DanaLeigh209.com
http://www.DanaLeigh209.net
http://www.ULostThis.com
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I am direct to the VP of a $100 million dollar open-ended debt and equity fund which actively writes checks to fund businesses with an EBITDA of at least $1 million a year. We fund also have access to up to $500,000,000 for the purchase of distressed real estate, specially commercial $7,500,000 and up.
Hey Michael,
I spoke with the seller and he agreed to receive about 5K instead of the 10K. I am still working on the other information. I am just not certain how to figure it all out. I asked about the rehab cost and he thinks that is something I should not be concerned about. He just want me to sell it. My exit strategy is to sell it quickly and make enough to pay my rent next month and learn. As you can see I need help. I am willing to be coached thru this process. Like I said I have 3 more houses just like this from the same guy.
Thank you
Shonna A.