Good deal? Suggestions?

4 Replies

I found a house today listed for 370,000. 3 bd, 3bath, 3,548 sqft. The houses needs absolutely no work. I want to acquire this as my first property. Should I try for a hard money lender? Any advice. I've been reading about this topic but so far no luck. Thanks for your time

What are you plans for the property? You've only mentioned acquiring it. Are you looking to rehab it, hold onto it and rent it, wholesale it, etc?

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Keep in mind that you are going to have to come up with somewhere between $100,000 and $120,000 cash to finance this deal with hard money. I'd recommend starting with something a bit smaller for your first project.

It is my experience that $300,000 properties don't command enough rent to be buy-and-holds. It is also my experience that I can't get significant bargains on properties that need no rehab. The last thing is that it is my experience that hard money is too expensive to make money on appreciation or rentals.

Good luck.

Bill

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