- Have Condo Germantown (Memphis, TN) under contract for 52k
- Seeking 30-35k to close ASAP
- Open to private lenders who will lend in TN
-Please reply with rates and terms
How to Flip Houses in Five Steps (With Video)
Real Estate Investing is Just like Surfing.
Investing in a Boomtown : North Dakota Real Estate Investing
- Have Condo Germantown (Memphis, TN) under contract for 52k
- Seeking 30-35k to close ASAP
- Open to private lenders who will lend in TN
-Please reply with rates and terms
Dexter,
Do you have a recent appraisal or broker price opinion?
2012Appraisal and Assessment Information
Class: RESIDENTIAL
Land Appraisal: $ 6,600
Building Appraisal: $ 69,900
Total Appraisal: $ 76,500
Total Assessment: $ 19,125
Per Shelby County, TN
Thanks for your question, Be glad to answer any additional
Dexter,
County tax records are not accurate for property valuation. You will need to provide comps and actual sales data.
Ok, I will get to work on actual sales data. How old is acceptable?
If you have to ask that question, I'd recommend finding a good agent that knows the local market and ask for a CMA or BPO. That should provide the comps you need...
J Scott, Lish Properties, LLC
E-Mail: j@123flip.com
Telephone: 770-906-6358
Website: http://www.123flip.com
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Dexter,
You can get an actual appraisal for about 300 bucks.
If you choose to comp yourself, you should not go back more than 6 months or should not go further than half of a mile away. Make sure to consider amount of beds and baths, foundation type, garage, sq ft, etc...
If the property is on a main street vs. a side street, the value will take a hit.
In short, a local realtor can get you a BPO (brokers price opinion) for about 75 bucks.
I would be very cautious of zillow and sites like that for accuracy.
Finally, If you are going to borrow, you will have a much easier time if you have some skin in the game. So make sure you offer to have 10% or so into the deal and be at no more than 50% LTV to give a nice security.
Good luck!!!
Rob Gillespie, Rob The House Guy, LLC
E-Mail: rob@robthehouseguy.com
Telephone: 330-800-9043
Website: http://AskTheHouseGuy.com
Rob@RobTheHouseGuy.com 330 800 9043 ext. 43
AskTheHouseGuy.com
RobTheHouseGuy.com
Dexter, I hope you take the comments in this thread as a learning experience for yourself. You started off fine, then when you asked that certain question, it was crystal clear how much of a beginner you are. NOT to say that is bad (we all started as beginners at one point), but if you are going to ask for money, you NEED to do it AFTER you are fully prepared and that requires getting fully educated first, then go get that deal and ask for money.
Better yet, don't ask for money, offer an opportunity.
Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
http://www.InvestorExperts.com