OfflineA friend of mine found an REO that had been on the list, and it expired a few days ago. They wanted a partner to contribute capital in on the deal, so that's where I come in.
List: $112,900
Repairs: $20-25,000
Loc: Oklahoma City
Beds: 4
Bath: 2
ARV: Comps between 160-195, but I would say it's ARV and being in this market would be around 130,000 for some reason. But that's prolly low.
SqFt: 2600
Home: Single-Family
Garage: Attached 2 Car
This house is DEFINITELY the ugliest on the block. We plan on putting in some low offers around 80-90. If we don't get our offers accepted, I would say walk away from the deal, b/c I have a bad feeling on the proposed comps/ARV.
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if you can get it for 90 and put in 20 your in it for 110. You would need to list it for 160 giving you a 50k difference. Take out holding costs (avg. of 3 months) trans tax when you buy ($1350)and realtor commish 6%($9600)plus trans tax 1.5% when you sell ($2400) So you would prob be looking at mid to low 30's as a profit.
Now if you list for 130....NO DEAL!
D
Don't Wish the Past, Create the Future! - DH