What Would You Do?
I have a property under contract for $65000
FMV = $100000
rehab costs <$10000
should I try to assign it for $5000 or rehab it myself ?? :-? [ Edited by patrecejames on Date 09/03/2004 ]
I have a property under contract for $65000
FMV = $100000
rehab costs <$10000
should I try to assign it for $5000 or rehab it myself ?? :-? [ Edited by patrecejames on Date 09/03/2004 ]
Yes!
Either way can procude a profit for you.
Jeff
Personally, I'd try to assign it and try to find another deal.
thanks for the reply guys, also is my assignment fee too low or just right for the spread here? :-?
[addsig]
DO you mind telling us how you found this deal? Word of mouth? Newspaper Ad? Bandit Sign etc..
Also maybe it would be good to tell us some details of the case.
Was the seller trying to get the full 100K at first?
Did it takes weeks,days, months to negotiate with this seller, etc?
Just think this kind of info might be good for a newbie unsure of what a situation looks like.
I work closely with a real estate agent who makes offers for me on deals as soon as they come on the mkt, the seller is very old and wants to get out.
[addsig]
You paid to much - If you intend to flip you should have bought for around $55,000.