I have a contract on a duplex. The apprasied value is 113K and it meets the 1% rule and I have arranged for the seller to pay $3500 in repair and $3000 in closing cost. I am trying to negoiate for a lower sales price also. How would the assignment process work.
Now all you have to do is market the property too investors in your area of Georgia.
Tell them you have it under contract for whatever price that is then state the ARV, repairs, and then your assignment fee. Also include what the seller will pay towards closing costs and repairs.
The only way I see this working is ‘if’ the ARV is what you say it is and ‘if’ you have a BIG buyers lists. There’s money in the buyer’s lists.
what’s the 1% rule???
The “1% Rule” is a rule of thumb that says that a property should generate a monthly gross rent equal to approximately 1% of the sales price. In this case, if the subject property is $113K it should generate approximately $1,130 per month in gross rent.
Hope this helps.