I need help. I am currently looking into getting financing for my first deal. I spoke to a real estate agent and will be looking at the property on Saturday!
I would like for someone to help me figure out if it’s worth getting into this deal ??
The house is a 2 family home 4bed and 2 baths 1700 sqft and is listed for $75k. I checked comps on Zillow and it says a few houses were sold in that area for $220k-$260k. To me that sounds like a huge deal! Obviously I’m not sure how much repairs will cost but upon looking at the pics it definitely needs a brand new kitchen, new windows, possibly new bathroom and updated floors.
Would anyone consider this deal??
Also does anyone know how much it will be to estimate the repaid cost by the description I just provided??
Thank you in advance!!
Hi @Catherine Morel , it depends on what your plan is for this property. Are you looking to rehab it and sell it? Are you looking to keep it as a rental in your portfolio? Comps on zillow are not always the most accurate, so I would have your real estate agent run true comps for you, so you can evaluate the deal properly. Also vitally important is the amount of rehab the home will need. If it's a gut job and needs $150K of rehab, then it's not a deal at all.
I am looking to sell it right after I rehab it. I’m not sure yet how much is the rehab but thank you for letting me know if it’s more than 150k is not a good deal.
Would you be able to know when should I contact an accountant and real estate attorney when all goes good and the property is mines ??