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Updated almost 3 years ago on . Most recent reply

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Michael Hernandez
  • New to Real Estate
  • el paso tx
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Need help just starting out

Michael Hernandez
  • New to Real Estate
  • el paso tx
Posted

I’ve been out of a job for 3 months and with my girlfriend just losing her job we’re both ready to jump into real estate. I’ve always been wanting to jump into it but never have, and now I’m starting to take this serious and chase it. 

I found a on market property selling for 102,950 3 beds 1 bath 972sqft when I run comps I’m only looking for houses that have been renovated to see what it’s selling at. 

Comp 1 is at 179,100 3 beds 2 baths 1376 

Comp 2  is at 139,000 3 beds 1 bath 1347sqft

Comp 3 is at 127,900 3 beds 2 baths 1298sqft
  once I run comps I add up the prices of the houses and divide it by 3 to give me an average number of 148,666 and am using 60,000 for renovations all in at 208,666 and 70 percent of that is 146,066 and that is the lowest I can go to purchase the property? Any help would be very appreciated 

Most Popular Reply

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,503
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Michael Hernandez:

Question: how are you going to purchase a property when you have no income? I assume you have some money but will need to borrow the rest. Have you spoken to a lender to see what you qualify for?

  • Nathan Gesner
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