How would you price your units?
Once you have gotten an estimate on your per unit value what is your next step?
How far are you in the process? What are your next steps? In part one we discussed the per units value (this was determined from broker in the area). But let’s say that you wanted to just take it to the point where you have the tentative track map approved and have actually sold it to a developer. How would you price that? Is there a kind of formula you can use to see what kind of percentage all parties (developers, construction companies, etc.) involved will make?
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Getting Your First Deal - Which Direction Should You Take? Part Ii Pricing Your Unit, Property
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Like so many people who dream of securing a good income in the real estate business, I got my feet wet (actually, almost drown.) in the house flipping business. I was inexperienced and more than likely made all the mistakes that could have been made.
In early 2006 my sister Sarah, who was a new real estate agent at the time, convinced me to buy an old 1930’s fixer upper home for $38,000. The price certainly seemed right and I could see the potential in the old home. Like so many who have come before me, thought I could complete all of the necessary things to rehab this home and sell it for a profit. I couldn’t have been more wrong! I knew the old home was going to need lots of structural work, cosmetic work and landscaping. I purchased the home with a construction loan, and began hiring contractors.
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Problems Vs Profitability - A Guide To Flipping Houses
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