Possible Deal Please Help Me Out
Hello,
I have a potential deal here I am working on. I have a home that is free and clear. It was appraised back in February for 135,000. Their is an issue here though. Two family members own the house which was given to them one wants his cash and get out and the other is still contemplating. One of the family member wants about 42,000 and the other I have not spoken to about this yet. I will either purchase this with outright with cash and rehab this house or assign it.
From doing my numbers. I came up with this. Please tell me if I am missing something here. Thanks in advance.
Appraised 135k
Profit -25k
Repairs cosmetics -10k
Closing (estimate) - 6k
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Offer 94k (42k to one owner and other gets the difference)
What am I missing or do I have everything?
i am going to either sell outright after rehab or assign it.
great info guys but i did not get my question answered. did i miss anything as far as expenses that i needed to subtract?