The Numbers Game
Good Morning:
Need Your Help.
When I finally get into the sellers home and we get to the numbers portion, which are the most important numbers I need to have to have before I leave that house?
Also, what would make me know that there is no deal in terms of the money or equity. I am very confused about this, so please go slow.
If i make a deal with the seller to purchase how can I get some of his equity back to him so I don't have to come out -of-pocket with his walk-away money?
Thank you.
Tybotica :-D
Tybotica,
I looked thru a few of your other posts and you seem kind of "all over the place" as far as investing goes. At this point in your learning, you need to narrow your focus down to one or two aspects of investing techniquess. If you haven't yet, I'd suggest visiting your local library and checking out everything you can find on real estate investing, home buying/selling, etc.
As far as this question goes, it's really too broad a question to get a good answer, only broad opinions.
Generally, you need to know the fair market value of the property. You need this BEFORE you go to the property. You need to be able to get a general idea of needed repairs and their costs. Most importantly, you need to know what the LEAST amount of money the seller will take for their home.
Determining a deal is different for different investors and types of investing. To some, it's not a deal unless it's selling for 70% or less of FMV. Others will take it with less. Some investors may be willing to pay close to FMV if they have a buyer lined up to move in right away.
Roger