Hello fellow investors i just came back from the ORIEA conference in ohio and learned how to wholesale. I found a property i think i can get started on but i cannot not remember what to do next. I found the house and who owns it and i have the formula to use i just cannot figure out how to find my repair cost and the ARV. My goal is to have my first deal by the new year so thank you in advance for your help.
Howdy Skinnyboi7:
What does the house need in repairs to look nice. Is there blood on the carpet and all over the walls where the last owner was hacked up. What about the roof, is it caving in? Figure out what to fix and what not to. Getting estimates on the repairs from contractors will give you a good idea of what it will cost the rehabber to get the property livable. This figure will vary as some rehabbers may want to add footage and maybe a wood floor instead of just carpet. As a wholesaler just get a ballpark number to work with.
The ARV should be very easy. You can get a list of comparable sales in the area from a Realtor perhaps and drive by them and compare what your could look like to how these look. They should be about the same size, age and same neighborhood. This may be hard in some areas but you should be able to get a range for an anticipated sales price.
Hope this answers your questions. Good luck