HELP! HELP! FIRST ASSIGNMENTS DEAL

HELP! HELP! FIRST ASSIGNMENTS DEAL

Hello DG Family, My first assignment deal.And im not too sure on how much i should assign it for.. the asking price is 70k,Built in 1952 it sits on 1.09acres total sqft:2226 property type single family,3beds/2baths and there is also a second property on the same parcel both are included in price 2beds/1bath for the main house. Zillow said comps,where from 67,760 to 123,420 Total view Estimated it to be around 100,164 but not for the second one. Also the owner is an investor and he was in the middle of rehabbing both and he is also including the materials to complete the rehabbing worth around 25,000 excluding Appliances And cabinetry.i'm not really sure if it's a good deal or not.I need some help family i should have more accurate numbers for the comps in that area.When i meet up with my agent.But i could use some ideas now thank for coming to my rescue family...

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Why is he selling it? Why

Why is he selling it? Why did he stop rehabbing?

You need to include what State, county, etc. and maybe there's a DG'r here that might be familiar in that area.

Pne more thing, You need to update your profile with your info. Don't be shy. Blessings to all. LA

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Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-


oneil

Ask for a Comparative Market Analysis (CMA) from your Realtor. Then call up 2 more and ask for CMA's from them too. Average the 3 prices and that's a good idea what the FMV is.

You also need to figure out how much the repairs are. You will usually never buy the offer price unless the numbers add up right.

Once you figure out all of this use this formula to determine the offer:

IF After Repair Value (ARV) = 100,000
100,000 - (at least 30% of ARV, which is 30k) = 70,000
70,000 - Repairs (lets say 10k) = 60,000
60,000 - How much you want to make (lets say 5k) = 55,000

Therefore in this case your maximum offer would be 55,000. If this gets accepted then turn around and market it for sale at 60,000. This is where you get the 5k. If you think you can get away with an offer of 50k then go for it! It all depends on how desperate the seller is.

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Dominic

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