Ok...it's about to be my first buy and hold foreclosure property in Georgia and I keep feeling like I'm stuck on getting the courage to make my move to purchase it. I found a good 3br 1.5 bath that needs a new roof, new paint on the inside and it has a weed like smell that I'm not sure about. It has new carpeting but pretty good bones. I live three hours away and have not seen the property but I've contacted a property manager who looked at the house and said it's pretty nice. The roofer is saying it's pretty nice as well. I've run the numbers and it will make around $160 cash flow. Should I pay an inspector before making an offer or just go for it?
Realtor here in upstate SC. Always get an inspection. Unless you are a builder and know what to look for.
And, I had the same issues buying my first one. If the number work and I mean work for you, then it’s a good deal and go for it.
If you are fudging the numbers to try and make a good deal, then don’t.
Just my .02 though-three hours away on your first one may be bold. Good luck on it though.
Thank you Blair! I'm learning all these different buy and hold calculators and of course the numbers always feel like it's a little rough and not a concrete number. I really need a number I can trust and not fudged like you said.
You definitely need an inspection. Also, ask the real estate agent to either send video and pictures of the house and/or do a quick FaceTime walk-through with you. You should of course compensate him/her for their time if you aren't using them for the purchase. If you are, they should be willing to do that for free. Best of luck to you!
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