The big deal $1.6 million
I'd like your thoughts. There is an REO property I have not offered on yet and am unsure if I will. This property is listed at $1.6 million and has been on the market for a while in the Houston area. I have been led to believe that the lender will accept an offer as low as $800,000. Now since I don't have the cash to do it, and I couldn't handle the mortgage pymt on it, do you think it's worth looking for a money partner or locking it into contract to flip it? These properties are beautiful but because of the price take a long to market. It needs very minor repairs, the landscaping needs cleaning up. It would be around $90,000 commission on the sale, I'm guessing $100,000 holding costs because I want to be very conservative. With a possible $600,000 profit, I'm stuck. It's like winning the lottery but goes against everything we're taught. If this thing didn't sell we'd be in a world of hurt.