OfflineI recently was working on a wholesale deal where I had miscalculated the rehab by about $9,000. After sending three different buyers by the house and getting pretty much the same report from each of them I had a decision to make. I could either exercise my option to back out of the deal or I can find a way to make it work.
Two of the buyers weren't interested due to the amount of work needed on the property (a total of $39,000). I can't say that I blame them. It's a big rehab considering the price of the property ended up only being $42.5k. The final buyer committed to buy the property if I could make up the difference in rehab from what I set asside ($30k) to what was actually needed ($39k). I had to find $9,000.
I went back to the seller and renegotiated the sale price down by $5,000 and I lowered my assignment fee down by $4k. I closed on the property and still made $3,500. Not bad. And, to think I almost considered walking away. 
Chris
"Faith is the eternal elixir which gives life, power, and action to the impulse of thought.
"Faith is the starting point of all accumulation of riches!"
- Napoleon Hill, Think and Grow Rich
Your creativity paid off, Chris!!!
Smart thinking on your feet---In every deal there is a lesson to be learned!
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
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