Updated about 7 years ago on . Most recent reply
Possibly found my first deal... don't know if I should jump, HELP
Hi! I am extremely new to this and THINK I may have found my first pearl. It is a Harvey house in Montgomery Texas listed for 66K. I am estimating my rehab cost to be right around 70K with an ARV of $185,000. On paper this looks like an amazing house for my first deal. I think it might almost be too good to be true. Is there anyone familiar with the Houston market that could help me analyze this deal? The house is on S Wiggins street in Montgomery Texas. Any help is extremely appreciated!
Most Popular Reply
Hi Kristy
I would be a bit careful about your first deal requiring that much money for rehab. I know the challenge is finding something that you can do well enough on to keep rolling, without taking on too much risk - however my concern would be if you have not taken an active role in managing a project of this scale - as your first go of it - you have a lot of uncertainty related to both the use of your time, and ensuring that your 70k point estimate is in the ball park.