Kanjos

Thank you for responding Kimberly and yes I have researched similar houses in my farm area (type, size, condition. actually selling rate as of last 6 monthhs or so and as I stated in my note, they are selling for $250-300,000, not listing. I'm currently farming abandoned/junkers and they generally need a complete rehab. I'm not looking to inspect, rehab, or appraise, merely flip to a real buyer, not someone assgining as myself. Now tell me do I understand the 80% of ARV minue repair cost equals my pay. Abandoned Row house $50K Property ARV sells: $ 250K This is not the highest, it's mid-range Minus repair cost: 100K Estimated high Equal: 150K "Minus 80% ARV 30K" Total Remain 120K Original cost to buyer 50K Leaving buyer with: 70K Where's my assignment fee, is the (minus 80%= $30K my fee) or do I charge a set rate of $5-10K so the buyer's investment is worth it, and we can do more business together???? Looking for a partner in my area now, I think I've found someone, but don't want to rush into anything, we're kinda feeling each other out. Made and offer to him to team up on a sub-to, we're going to see what we can do. But I get much better answers here at "Naked Investor", you guys go straight to the point and I love that. Thank you so much for your help. I'll be working and waiting.

Please can anyone out there explain this to me? When a buyers state they're "looking for homes with purchase prices of up to 80% of ARV minus the repair cost".... Let's say I have a contract on an abandoned prop for $50K, it needs complete rehab and the area comps are $200K - 250, with rates getting even higher with developers moving in a block away. What does this formula mean "purchase prices of up to 80% of ARV"? And, how do I do figure out in advance what to charge for wholesale/flip. Is the buyer stating they'll pay only a certain amount, minus the rehabbing cost. Please can someone simplify this for me I have 3 props, but need help on how to choose right buyers to get paid at least $4,000 on these props. Do I need to charge $54K to get my end????? Please explain... Thank you in advance.

Yes, that's exactly it, and it's a contract for 60-days. What do I do?

Hi: A seller said she's ready to sell, but I've found out she has a contract assigned for 60 day since April or so. 1. Can I still sign her and settle quick, my ducks already lined up?? 2. Is it legal for me to do, can other contract sue us or can they sue anyone?? and 3. This comes down to a moral/ethical issue doesn't it? Being from NYC, I learned it's a dog eat dog business, you snooze, you loose. BUT I never accepted that SHOULD I? Man I could really use the cash and the beginning, this is my first wholesale/flip.... And yes, I have buyer ready with cash. Experts, pros, have you ever faced anything like this and what did you do? Please advice.... I just need one of you out there to second my decision... If it's illegal to do I'm not doing it anyway. But ETHICALLY????? IS THIS AN ETHICS THING. Thanks very much in advance, I'd like to hear anyone who has a comment.