I’m not sure why exactly I picked this house, but I’m going to be making an offer on the Mt Pleasant property.
As you may recall it’s an Estate property (ties in nicely with the whole probate thing I’m going after). Has been on the market for 45 days, not long but they have already dropped the price 30k from the original asking price of 369k. So that is a sign of motivation I would say. The property is a very big lot that a larger house (which tends to be the thing in my town) could be built on.
So those where the reasons. I’m going to go drive by it today on my way home from work and then I’ve got to sure up what the ARV would be in that area of town. My educated guess would be 360k for a 3/1. So breaking that down into an MAO…
arv(360,000) * .60 – repairs(70,000) – Profit(5,000) = MAO(141,000)
the biggest question that I have no idea about is the repair costs. That really depends on what my buyer wants to do with the house. If they want to knock it down and build a 600k house or if they just want to repair the place and maybe add a bathroom. I guess this is why it’s so important to know your buyers.
Anyone have any suggestions on what to do about estimating repair costs? Houses that have had old people living there, in my area, always seem to need the bathrooms and kitchens, flooring and painting completely redone.
So that is where I’m at today. I’ve got to re look at my goals for this week to make sure I’m on track.
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