First home investment, any advice??
Hi All,
I am a new investor and was wondering if the more experience investor can give me some pointers/advice. I've been searching for 6 months and I hope I'm not rushing into anything because I'm too anxious. I am currently considering a foreclosure property in the DFW area.
Foreclosure Infomation:
-List Price:59k
-County appraisal:100k
-Neighborhood average value:120k (according to Zillow)
-Normal rent for that house size and in this area:$1200
-Condition: House looks in decent condtion (maybe 8k fixup), small foundation problem (hairline crack on exterior)
-Days on market:10 days (so I won't be trying to low ball for this foreclosure)
Tomorrow I am planning to submit an offer for $57,000. With this offer I am planning to include a $10,000 check for down-payment. Also included is a business card, stating "Real Estate Investor". I have two out clauses(inspection and mutliple offer) ready for sales contract.
My plan is to acquire property. Bring up the value by cosmetic fixup, landscaping and foundation fix. Then get an appraisal followed by a 2nd Mortgage on property when I find another good investment.
Would anyone do anything different? Would anyone focus on any different factors?
After soooo much reading (this forum and books) its finally time to test the waters and any advice would be appreciated.
Thanks for your time,
Ray