well here's the DEAL: looked @ a property on tuesday and i THINK it has a decent profit to be made, called an AD in the local NEWSPAPER and found out the property was on contract with another INVESTOR, she wants to wholesale the property to me for $215,000 i haven't checked COMP's yet but the way the property sits, the now owners had the property on the market for 5 months @ $249,900 and would NOT sell, however i feel if i put some TLC like cosmetics rehab into the property i should be able to get in the upper 200's ( 270-285 ) it just needs new carpeting through out the whole house (got 70's carpet now) paint through out house, the main bath needs to be remodled and some other little touches. Here's a idea that's been bouncing back and fourth in my head, upstairs where the bedrooms are thiers a main bedroom and then the other bedroom but it's rectangle like almost like sombody was going to make another bedroom out of it, which i may do but if i do that the bedrooms sizes are very small maybe 10x10 i didn't measure yet, and i'm not sure on what it would cost to put up a new wall to divide the rooms and take down one of the closets thats taking up a lot of space. The property is very nice sits on 2 acres, beautiful layout and deck in the back of the house which is in great shape, i believe right now the property lists as: 2br or 3br, 1.5 bath, just over 2,000 sq.ft. 2 car garage, i ran the numbers so far based off of a FMV of $275,000 which is right around what zillow said too (but thats not what i'm basing the number on).
fix up cost: $20,000 (accurate?)
holding cost: $6,600 (2 months)
closing cost: $8,250
profit @ 11%: $30,250
total offer: $209,900
so what do you guys think, should i proceed @ $209,900? YOUR HERO,SULLY.
YOUR HERO, SULLY