First deal, should I do it?

First deal, should I do it?

I was contacted tonight by one of the people on my buyers list and she has a SFH in northwest Houston, TX. for wholesale at 55K. It's something I would want to fix and flip with HML. Here are the details on the property:

•ARV $85-88K
•Est Rprs $4500... or less, based on exit or rental for cash flow.
•Ask Price $55k
•Description of Property: 3/1.5/2; 1036 sqft, 6,600 lot sqft. Needs interior paint, sinks, facets, carpet clean, toilet seats, exterior paint, tree trim, replace two garage doors. Minimize this for rental.
•Rents for $750/mo "as-is", or fix nice and raise to $850-950/mo. *Great rental area, can fill fast, and Cash flow $200+/mo!!

Does this sound like a good deal to you guys? Could I make some decent money on it with a HML? Any help would be appreciated.




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You may want to re-evaluate your numbers. It seems you may come out on the short end of the stick with these. CBR just posted a new OFFER FORMULA in the forums. Find that one and use it to calculate this deal. It may surprise you at the difference.


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