This isn't the house :)This real estate deal is a deal that was found by a guy that used to work for me back when all I did was real estate. Here are the numbers if I had done the deal myself.
Asking Price: 70,000
Offer Price 50,000
Countered and accepted at 55,000
The property is worth fixed up about 170,000 but needs between 25,000 and 35,000 to get it to great condition. Roof, flooring new interior exterior paint and a new kitchen.
Selling at retail without a realtor would net close to 65,000 to 75,000 Depending on money costs. With a realtor knock off some more.
How This deal actually went
As I said above, I didn't find this deal or was even looking in that market. Recently I ran into a friend that had worked for me back 6 years ago. He said he was wanting to get into flipping and wanted to see if I could do a few deals with him. I said sure Im still involved and would love to go over things with him.
It wasn't more than a couple weeks and he called me said he had a property he wanted me to look at. So I checked it out and said great how do you want to do this.