Posted by Glen on July 09, 2002 at 17:38:02:
If you can get this deal, get it under contract whith a “subject to” clause (your out if necessary) and then you can wholesale it to an investor/rehabber. And you can make a nice profit on the deal. Just remember to leave a nice profit for the rehabber and you should be able to make a quick deal. If your in NJ let me know as I would be interested in buying it from you. Good Luck!
100,000 (rehab) in 300,000 + area - PLEASE HELP! - Posted by JOSH
Posted by JOSH on July 09, 2002 at 16:09:16:
I am brand new!! I just know a little to be dangerous. I wasn’t going to get started until about 6 months from now becuase of my knowledge. BUT, I am going to look at a house this weekend that the seller has put a price of 110,000 on. Other houses that have been rehabbed in the area have sold for 300,000 + .
I have no money or credit. Can I put this on a 90 day contract and then look for find an investor to rehab? Should I even try? I don’t have much knowledge.
If I can have a 90 day contract, what should I structure and then how can I get a buyer?
Please help, I may or may not due this, I just know there are many well qualified people in this forum, and I love it.
Please help, would like to make a decision to go ahead. Of course it is all going to depend on if the seller is willing to do it on contract.
Please respond.
Thanks
Re: 100,000 (rehab) in 300,000 + area - HardMoney - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on July 10, 2002 at 01:53:39:
Josh, work your numbers for rehab and see where that fits in the equation. Have you considered doing the rehab yourself? Do you have the skills to do it or can you get reliable contractors to do it? Will the total still make the numbers work?
It is quite possible that you could do this yourself, the deal that is, and get a nice healthy profit. You need to verify those numbers to insure you are getting for $110k, $xxk for repairs, and the after repaired value really will be worth $300k. Somehow with all this, a hard money lender would be an approach.
As I mentioned above, even if you don’t know how to do the work, there should be enough money sitting in the equity purchase to allow you to hire out the work from competent contractors.