BiggerPockets

I would like to get anyone's opinion on a property I'm being offered in Lithonia, GA. 4 bedrooms, 2 full baths, +/-1,400 sq/ft. for $35,000.00. Some cosmetic repairs are needed; about $6,000.00. Please help,
MarioJ

Hey --I am in Stone Mountain, Georgia
There are many houses --REOs - needs repairs --for $15,000 to $40,000 ---in Lithonia and Stone Mountain.

Do you have relatives in Atlanta --who can do repairs and live there few years --OR do you want to fix it --rent it and manage ?

It will be hard to do Whoelsale-- What is ARV ?

Do you want to invest --rent and hold ? Gwinnett County is better --I can help -

Are you in Atlanta or Puerto Rico ?

How you going to close ? all cash ?

Have you seen the house ? Did you fly in ? Have you ahd reapir estimates from a
Contractor ?

Are you buying from a RE Broker ?

You need to read here in BP- Justin's Blog and my Comments about Whoelsaling Costs -

That area --mostly Investors find good deals
and buys direct -- from banki or brokers.
Many foreclosures there -

And do not guess --ARV --You need to do home work and get comps--Whoelsaler will
ned that information --

One example--I had a house in Stone Mountain Rented out for 10 years --bought in 1984 ( $55000 ) and sold in 2004 for $103,000. Three weeks ago- some one bought the house - in same subdivision --five houses down from my housse for $30,000.
Now thats a deal --you can wholesale and make $5000 ---

Just comments -- You can try --First you have to Build List of Buyers --

Good Luck

Thanks for understanding and not getting mad at me .. You can reasearch topics --in the serach --like " Whoelsaling" and " Build Buyer's List " -- how much cash do you have ?

I do not want you to loose money --in first deal and get disappointed - first learn lot of things -- Contracts, assignments, transactional funding, Hard Money, Repair Costs , Soft costs etc-- Marketing Extensively --how ? do you have website ? how much are you going to spend for marketing ? where you going to market ?

Thanks Champak,

I don't want to loose money either. I've been doing a lot of reading here in BP. I am planning to build a buyer's list first and the go after the property.

Justin (last name) blog?

Thanks,

Mario

Hi mario, do you still have this property avail? if so, im interested. thanks!