First time Flipper - Posted by Nadine King

Posted by Brian-N-Pa on June 19, 2002 at 11:19:42:

This is just my 2cents.
Let the seller make the first offer and since you already have a buyer try and figure out what he is willing to pay as is or after you do a little cleanup.
Example ( your buyer says I will pay 45k as is or 60k once fixed, seller calls you and says I will take 35k. well 45-35=10k at worse case scenario but knowledge teaches us to make a counter offer to leave us more room so say you offer 30k so by not accepting the first offer you make more money and whats the worst the seller could say “No I really can’t take less than 35k” Well lets see quick flip already have a buyer and you can make 10k fast with little effort. :wink: tough choice huh?

As is price doesn’t matter if you have a buyer already that knows about the house especially if you know what they would pay.

Hope this helps and it is just my 2 cents

First time Flipper - Posted by Nadine King

Posted by Nadine King on June 19, 2002 at 11:09:51:

It is my first time but I am excited! I have a house
that caught on fire in my neighborhood that the seller
is very anxious on selling. I called the seller and the seller is calling me back today with his price. My question
is how you do determine the “as is price” that i can offer
the seller? I already have a buyer waiting.

Thanks for your help,

Re: First time Flipper - Posted by SCook85

Posted by SCook85 on June 19, 2002 at 15:05:39:

If you already have a buyer, then you just need to find out what they are willing to pay, subtract what you want to make and make your offer.

The thing that you need to make sure is that your buyer is REAL. Is your buyer going to produce. Many people will want to buy your home. Being able to actually settle on it is a different story.

Without the buyer that you have in place, you should be considering using a formula such as:

After repair value times 70% less repair costs less your profit = offer

Happy investing,