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Forums » Real Estate Deal Analysis and Advice » Deal or No Deal

Deal or No Deal Subscribe to Deal or No Deal

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Wayne Grogan

Homeowner · Albertville, AL


Forum_avatar_avatar-wgrogan

Aug 25 '08, 08:24 AM

Found a 4/2 duplex , 1466 sqft for $12k and around $10k (seller says $6k) rehab needed. Comps are between $58 and $67k. Problems? This would be my first. Is not local to me. The seller is wholesaler as well.
I've only seen one exterior photo of the place. Brick exterior and yard overgrown, but looks pretty decent. Seller said he would send me more photos, but said my email wouldn't accept them. (?)
Is this something I should get involved in?
Could I turn a profit on this as a "virtual wholesale"?

Edited: 06/26/2010 at 05:46AM


Michael Rossi

Real Estate Investor · Ohio


Forum_avatar_avatar-mikeoh

Aug 25 '08, 09:35 AM

It sounds like a great deal IF...

IF the comps are correct
IF the rehab numbers are correct
IF the property isn't condemned
IF there are not title problems
IF it's a legal duplex
IF a triple murder didn't occur recently in the house
IF the city isn't seizing the house as a drughouse
IF the largest employer in town isn't getting ready to close their doors
IF the house isn't located next to the city dump
IF the house isn't in the middle of gangland
If there aren't a million other distressed houses in the area for half the price

I would not buy a property sight unseen. If you're going to spend $22K on something, I'd go look at it first and certainly do a thorough due dilligence!

Good Luck,

Mike

Edited: 06/26/2010 at 05:46AM


Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado


Forum_avatar_avatar-wheatie

Moderator Pro

Aug 25 '08, 10:22 AM

I surely would never buy a house just based on a picture. How do you even know the picture is of the house you're buying?

Edited: 06/26/2010 at 05:46AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Wayne Grogan

Homeowner · Albertville, AL


Forum_avatar_avatar-wgrogan

Aug 25 '08, 04:33 PM

I take it you guys aren't big fans of the "virtual wholesaling" thing. How does one get started doing this, if the area they're in doesn't have much to offer? I realize this would be a risky venture. Just wanted to run up the flagpole and see who saluted. Thanks for your advice.

Edited: 06/26/2010 at 05:46AM


Michael Rossi

Real Estate Investor · Ohio


Forum_avatar_avatar-mikeoh

Aug 25 '08, 06:25 PM

I once looked at a VERY nice property that was priced well under market. I had the pictures - excellent. I KNEW prices in the area. It seemed like a great deal - until I went to look at it. It was located just across the street (east) from a pig farm. It was only a good deal if you loved the smell of pig crappola!

That was a lesson I never forgot. No matter the price. No matter the numbers. I ALWAYS look at the property before I spend my money.

How does one get started doing this, if the area they're in doesn't have much to offer?

Work harder. What have YOU done to find great deals in your local area?

Mike

Edited: 06/26/2010 at 05:46AM




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