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A bit off topic here, please refer to a topic I posted in the Real Estate Dealmaking: Make Deals, Find Partners, Mentors BirdDogs, etc forum about a property for sale in Beverly, Nj if you looking to invest in the South Jersey area.

I know this is a long post. I just wanna include all the details that may be of importance.

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If the repair cost is less or ARV is more, or if you willing to take less on your assignment fee you can tweak the offer price.

If my fee was $5,000, I have to negotiate to buy it from the seller at $9,000 and then sell it to an investor for $14,000.

From the basic info you written here, if the margin is indeed small, I might try some kind of "combo" deal where you negotiate a price for 2 of her properties which may help ensure a better profit margin.

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It seems to me from what you shared that the margin for profit may be small, what are your calculations of ARV once the place is fixed up? And how quickly could it move?

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Wow, I think most people work the "70% formula" a bit differently because the idea is to have a reasonable profit margin, and not a paltry margin.

can catch up on bills associated with the other 3 properties and her husband passing. She told me that the taxes are current on this property I discussing. Her other properties include a store and two very huge homes. After her husband died last spring, she said that she been struggling with finances. There are no mortgages on any of her properties, and she terminated insurance and turned the water off for the property I was interested in.

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Huaraches Mens Shoes

Also, if you are, or if anyone knows of, a credible, hard working contractor in the Mercer County, Nj area, please contact me.

Any advice on what my next step should be, or should I market this property, Air Huarache Ultra Olive

to offer specific advice.

70% of $20K = $14,000 (this allows for 15% expenses and 15% profit margin for the investor)

equals $20K (current value)

the one that the owner wants $25K for, to see if I can get a buyer to take it off my hands for $30K?

So let re work those numbers to actually give the investor a chance to get the "15% expenses and 15% profit".

equals $20K (current value)

That just how I would run the numbers I hope that helps! I look forward to hearing how the deal turns out!

70% of $20K = $14,000 (this allows for 15% expenses and 15% profit margin for the investor)

Hey Nicole, there are many variables in this deal to consider and without knowing your area, seeing the comps and crunching the numbers myself, it hard Air Huarache Run Print

minus $50K repairs

Here how I figure the numbers on properties I assign

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Good morning, Bigger Pockets family. Okay, here the deal, I will be meeting with a home owner on Monday, 10/25/10, to discuss purchasing either 1 or 2 of her properties. One of the houses is in a serene and comfy neighborhood and the other is in an area not quite considered a war zone, but not too far off from that label either. The properties are not mortgage laden, but the owner is having difficulty staying on top of taxes on one of her properties. What types of questions should I present her with when I meet with her besides price and repairs? I already know her motivation, and we discussed some serious stuff during about a 10 minute phone conversation today.

Thanks, guys. I truly appreciate the wealth of amazing tips. Well, the meeting was a 2.5 hour dialogue. It was quite strange and rewarding, although I hadn gotten any of the properties under contract. My guess is that the woman is semi motivated. The one property I checked out today needs between $50K $60K worth of repairs. The lower end comps I received from my agent are between $10K and $40K. Now, the 1st floor of the property, which was once a store, is pretty much gutted. The 2nd floor is a 2 bed/1 bath apartment. Someone had begun remodeling the place to make it Huaraches Mens Shoes a 2 family unit, hence turning the store part into a residential unit, about a year ago. Unfortunately, the place was left in shambles because the guy who was remodeling passed away. The owner says she needs at least $25K so that she Nike Huarache On Feet

Good morning, Dani. I believe it could be easily sold for at least 70K once the renovations are done. The area where the property is isn quite a war zone, and there are townhomes being constructed across the street from the property. See, I think it would be an ideal property for a landlord. I think I really should get a general contractor in there to estimate repair costs because what I mentioned in my previous post is my thought on reapir costs. I gonna contact some buyers to see if they are willing to take it for $30K. The owner isn ready to give up her other properties as she lives in one of the homes, wants to fix up and rent out the other home, and still operates the store she owns. She hoping that someone would be willing to fix up one of her homes, a very seemingly beautiful and large one, without getting paid until she gets a reverse mortgage or loan of some kind. I not sure who would be willing to renovate the home she speaks of while waiting to get paid and reimbursed for material costs at the end of the project. Perhaps I should see if any churches in her area would be willing to do so.

If the repair cost is less or ARV is more, or if you willing to take less on your assignment fee you can tweak the offer price.

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I agree with you getting a contractor out there for a more firm bid estimate. It seems to me that even on your low end repair estimate of $50K that an investor is looking at a proposal of $80K ($50K rehab + $30K acquisition) into a property that can only sell for $70K.

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Upcoming Meeting with Homeowner

$70K ARV (using the number you suggested here)

If my fee was $5,000, I have to negotiate to buy it from the seller at $9,000 and then sell it to an investor for $14,000.

And that doesn start calculating any other costs, let alone profit.

Whatever you decide, I would absolutely get it under contract and try to wholesale it. I had deals I didn think any investor would pick up because the profit margin was too tight, but I still sent it out to my network of partners and was able to find someone interested.

That just how I would run the numbers .

Please let me know if I should move on to the next or try to make this work.

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