How much would you offer?
Hello all,
This foreclosure came on market 3-4 days ago. It's listed at $35,000. It's a duplex and both units are rented out at $500 (2/1) and $600 (3/1). The tenants pay their own utilities. The owner is only responsible for water. I spoke with the listing agent and I have set up an appointment for this weekend.
I don't have much experience with foreclosures, so if I like the place how much should I offer on it to have a good chance of getting it. I am making a cash offer of the place.
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Max, some other things to consider - how long are the leases for? Have you seen documentation that the tenants are paying the rent? If it is a foreclosure, are they paying the bank? Did the bank find the tenants or are they a holdover from the previous owner?
The numbers appear to be a good buy. 35K for $1100 in rents. Let us know how it goes on Saturday.