my first post. Also my first potential deal and I like to help these people out. But the math does not add up but looks like it be a great long term hold in upcoming area. Farmers branch, Texas
The property sits on a creek and park
Pool and Jacuzz
New windows
10 year old roof
1 ac 2 years old
My guess on avr
495 -480k
What customer needs
410k
Repairs
Guess of 55k
Floors
Tile in kitchen
Wood floor
Popcorn on ceiling
Wood paneling
Bathroom remodel
It’s about to be foreclosed by the reverse mortgage.
Any ideas of creative solution or is a simple move on?
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
7y
@Mike Resnick, based on what the owner needs and the estimated repairs, I don't see how this is a deal. You'd need an ARV of ~$665k to hit the 70% rule. That seems highly unlikely. Move on.