Submitted my offer... · Millionaire Investing Roadmaps

Oct 12 in Forum

Submitted my offer...

Hey everyone! I hope you guys are doing well, especially anyone in the hurricane region who might have been or have family/friends who were affected by the recent hurricanes.

Tonight's post is because I submitted an offer on a house that I posted about a while ago. I had found it by driving for dollars and contacted the owner. The property is pretty rough now...but it's a DIAMOND in the rough.

The area is highly appreciating. Also, I just saw on the news that there are future plans for a light rail stop to be located just around the corner from this house.

Here is my calculation and offer:

75% of ARV - repairs = Max Allowable Offer

75% of $270,000 = $202,500

Repairs: $132,000 (it needs EVERYTHING) New HVAC, electric, plumbing, roof, water heater and everything in between.

My offer: $70,000

I will keep you posted. If the owner accepts my offer, that's great and I will take you with me for front row seats of how to renovate a property! If not, I will look for another one.

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