OfflineA cash buyer just contacted me that they are looking to buy multi properties the criteria is as follo: 3b/2b house(no mobile)up to 65%.LTV-Repairs. Up to 100k in cash. My question to you seasoned investors? Are the person saying they are looking to pay 65% of the market value. Someone give me a figure example to make this clear for me? thanks
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For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
Example : If the appraisal on the property comes in at $ 100,000; then your casher buyer is willing to pay $ 65,000, less the repairs; So if the house needs $ 20,000 in repairs, he will pay 65K - 20K = 45K. Just remember to be accurate with the amount of repairs needed, don't say 20K & then it turns out to need 30K, your cash buyer won't buy from you again.
Thanks! you answer my question perfectly!
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12