Updated about 8 years ago on . Most recent reply
My first Investment?
Hello! I am new to BP and Real Estate Investing in general. I do not have much Liquid Capitol to invest on rehabs or down payments. However I know of a property that might help, please give me your honest Opinion.
In my home town there is a house that has sat empty since I was a child (15 years so far). It is still in *just built* condition and from the updated photos and history, not a single person has ever lived in there. The city is a fairly "poor" place, but this house is on the one street that is home to the "Wealthy".
The bank currently owns it, and it has been listed for sale for years. Currently Zillow shows it $465k and earlier this year it was $410k. Do you think there is any way for the bank to take a low ball offer and I could flip it for a good profit?
I know that the fact it hasn't sold is concerning, but what should I do? I feel like it could be a good first flip and raise some capitol for future investments.
Most Popular Reply
More details would be helpful if you want a detailed, more accurate answer. What shape is the house in and how much do you estimate it will cost to repair? Any idea what the comps are in the area to establish an ARV (after repair value)? Also, if you are low on liquid capital how do you plan on purchasing? While flips offer a chance to make money fairly quickly they also require a fair amount of money up front in repair costs. Hope this helps.