Should I buy this property?
First off, I am not qualified for a mortgage loan.
Second, I have someone who has a property that they inherited. They were renting it out, but the renters have moved out and now they are wanting to sell it. They are planning to have a contractor come in to do some work which they quoted her at $4,900.
I am wanting to buy the house from her as is and then fix it myself or with another contractor. Basically a possible flip. She wants to fix it up and sell it for $95,000, but she is willing to sell it to me for $85,000.
On Zillow (I know, not the most reliable source), the house is valued for about $96,000, but this is for it being 2 beds and 1.5 bath with a garage. They have turned the one car garage into a third bedroom.
My question is, what should I do. I don't have much money, and I am not qualified for a loan. Should I go in with another investor and split the profits? Would I be able to go lower on the price? Would I need to go in with an appraiser to see how much the home is actually worth?
Thank you for your help!
Tanya Lam
This house is in Garland area in Dallas, TX. Zip code 75042.