Worth about 180
Single Family Home is vacant
About 6k in repairs
What's the best way to determine if the numbers make sense?
I know that's a vague question, but please responds as if you were making a decision 🤓
This post has been removed.
Hold on to it for a while and rent it out...
well, based on the numbers you provided, you are buying at 90 % of market value after you make repairs. This just really depends on your criteria as an investor. I strongly advise you to check the mechanicals of the property. HVAC, plumbing, electrical and roof are some of the most expensive repairs to make on a property. If any of these items break down soon, you will be cash flowing negatively for at least a year.
I personally wouldn't take this deal because there's just not enough equity in it. I would aim to buy at 75 %-80% of market value. Keep in mind, you most likely have to find a distressed property in order to buy at a deep discount.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing