Fengjingye
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I know what your asking...How much should I pay. This is very simple. If you are looking at a fixer upper then you dont want to have any more than 70% of after repaired value invested and this includes the purchase price, repair cost and closing cost. Keeping a margin of 30% insures that when you are finished making the necessary repairs, after closing cost you will still have 30% equity. Then you can sell it Barry Sanders Jersey , refinance it and pull out some cash on a refinance or you can lease option the property.
Now, if you are looking at what I call an instant landlord property then you can pay a little more than 70% of value. After all there are no repairs to do on your part. My rule is not to pay anymore than 80% of value and maybe 85% of value if the cash flow is good and there is good possibility of appreciation.
I have used a simple calculator for years to figure what to offer while on the phone but with having several people in my office that work all day making offers and buying property for me, I recently had a top notch programmer design me a simple, easy to use computer program to use in our office to help my buyers make the calculations very fast and accurate. One of my people who normally makes between 8 and 10 offers a day told me that on the day he started using my new Ultimate Property Analyzer he made 17 offers in that first day alone! The Ultimate Property Analyzer is a part of my course called the Ultimate Buying and Selling Machine that teaches how we buy and sell 10-15 houses month. I hope this article has helped you to determine how much you should offer for a property... FAST! You can find out more at http:www.larrygoinsfreeoffer.
Author's Resource Box
Larry Goins is licensed as a mortgage lenderbroker in NC & SC and he is also licensed in both NC & SC as a Real Estate Broker and General Contractor. Larry has been investing in Real Estate for over 20 years.
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