I have an opportunity to put a house under contract but the house is occupied with a renter who has a very busy schedule. The owner wants to close in 45 days but will give the renter 30 days to move out. 15 days want be long enough to show and close.
Numbers:
Price: $155,000
ARV: $205,000
Repairs: $5000 Max
I’ve wholesaled many junkers over the past year and a half but never a higher end property with minor repairs.
Would $30k plus be a big enough return for an investor after purchase, rehab and holding cost?
Would you wholesale this property for $165,000 or what would you do?
This is a hot area of town…
Junkers:
After running the numbers I dont see $30k profit unless you are taking over the property ‘subject to’ and selling by owner…
I think with the type of numbers you are talking about, you are right on the money… Even $20k is plenty of profit… I need to move to your area so you can wholesale your deals to me…
Here is a tip, try to line up a private investor or hard-money lender… You get get financing in place on all your wholesale deals 100% if you work with the same lender and build a repore. You could then get a point or two referral fee!
Your wholesale buyers will be lined up at your door if you have 100% financing in place…
Best Riches,
Jeff Adam
What is the median price of a house in your area?
The more I think about it I would have the owner carry 20% and dismiss it at the time of closing! And carry the property with a 80 loan with NO M.I. low monthly on a intrest only and let the renter stay! and cover the payment!