Real Estate Investing Forums

Real Estate Investing => Bird Dogs, Wholesaling => Topic started by: msintruder on July 10, 2006, 05:24:01 pm

Title: 1st wholesale contract
Post by: msintruder on July 10, 2006, 05:24:01 pm
 I got my first wholesale contract today.purchased $12,000 arv$95,000 repairs$40,000 Will attempt to flip for $$27,000 .Profit $15,000. Am I flipping to high with $27,000?
Title: Re:1st wholesale contract
Post by: HOTPROPERTIES on July 10, 2006, 07:26:28 pm
If all of the numbers you provided are correct, the investor would have approx $67K into the property and if they can in fact resell for $95K, then they should walk away with $28K or 29% equity before closing cost, any taxes, etc.  

So to answer your question, I would say its worth a shot.
Title: Re:1st wholesale contract
Post by: pj on July 11, 2006, 03:26:58 pm
Way to go, your kicking butt now. Just make sure your repairs number are within reason .
Title: Re:1st wholesale contract
Post by: mustbethe$ on July 20, 2006, 02:46:51 pm
sounds like you have a good deal abrewin'! good job
Title: Re:1st wholesale contract
Post by: xDennis on July 28, 2006, 12:48:39 am
Did you get the check?! ;D
Title: Re:1st wholesale contract
Post by: gordo2417 on July 30, 2006, 11:49:47 am
I think your fee is high.  Then again I and all of us know nothing about your deal and the factors that play into it.  40K is a gut job so your gonna have to find an end buyer that does those types of deals?  You do you have your buyers lined up, correct?  

Nate-WI
Title: Re:1st wholesale contract
Post by: msintruder on July 30, 2006, 03:53:13 pm
 Hi Goro,
         I think $27,000 is too high also. I'm thinking about purchasing,fixing, then sell retail. purchase$12,000 repair $40,000arv $95,000 profit $43,000. Yes , this house has been gutted. I estimate $40,000 because I want to completely change the floor plan because the bedrooms are room to room and add 2 bathrooms.4/2. My buyers for whatever reason can't find the time to go view the property and I 'm working to get hml to purchase myself.
Will keep you posted.          
                             Thanks,
Title: Re:1st wholesale contract
Post by: gordo2417 on July 30, 2006, 04:56:44 pm
I'm not raining on your parade here but just keep this in mind.  Something will pop up and create and extra expense here and there.  It happens.  Just keep that in mind if the furnace takes a dump and you say "Oh crap I didn't plan on that"  Just be prepared for the worst.  Also if this is your first rehab then keep things very simple.  Well as simple as possible for a 40K rehab.  Changing floorplans, additions, or any other big ticket items require a lot of work and knowledge.  

Nate-WI
Title: Re:1st wholesale contract
Post by: pinkytee on July 31, 2006, 09:11:12 am
There is a buyer for EVERYTHING if the price is right!
Title: Re:1st wholesale contract
Post by: msintruder on July 31, 2006, 03:24:16 pm
goro,
   By the way, I plan to install new furnance and ac. Hopefully, I can make this happen.....thinking postive and preparing for the unknown.