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tonyj
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should I offer cash or term on this deal
Monday, July 16 2007 08:13 PM
Good Day to 'U'
here's the situation:
Seller wants to sell the property at 120k
Comps are approx. 135k
18k in repair cost
SFH, sqft 1160
mortgage bal. 81k
mortgage note --> $806.00 p/m
he said he's flexiable
I want to wholesale this deal(assign the contact). for 3k
: should I make all cash offer of 81k which incl. assign fee
: should I offer asking price:
120k asking price
18k repair cost
10k cash to seller
92k offer
take-over note subject2 or land contract, buy
house in 24 months with 12 month extention.
If there's a better way to structure this deal please
let me know.
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Randy Hughes
Master Advisor-39 years of experience
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Re:should I offer cash or term on this deal
Wednesday, July 18 2007 07:48 PM
There are a million ways to structure this deal. Just remember it is a buyers market and true market value is very hard to determine. Negotiate the best deal/price you can now...to make sure you you can sell at a profit later.
Randy Hughes
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Jim Hughes
Investor
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Re:should I offer cash or term on this deal
Monday, July 23 2007 09:05 PM
Two things that I would suggest.
1) Make sure there is at least $15-$20,000 in profit on the front end of this deal after all expenses. Remember buy your profit on the front end of the transaction.
2) Make sure you study the area very well for this property to make sure the value is as you stated. Knowing what the area will bring now or in the very near future is essential for profit.
Remember you dont want to grab a hold of a sinking anchor.
Sincerely,
Jim Hughes
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