Bidding on Forclosure

[Nicholas Busl]

I am bidding on a foreclosure tomorrow and looking for advice. The property list price is $299,900 with the bank, there are only 2 comps sold in the last 3 months and both went for $330,000. I want to rent the house and at $200,000 it's a great deal, at $250,000 it breaks even, maybe a little negative after maintenance costs. My realtor thinks there is no way they will accept a bid under $275,000. I was curious what an experienced investor would bid and how much a cash offer waiving inspections and with a short closing time makes a difference?

[Jay Hinrichs]

Quote from @Nicholas Busl:

Thanks for the reply!

I walked the property with my realtor and we both thought it was in move in condition. The only thing is some of the roof shingles looked a little loose. The air conditioning unit was on and working, I think the hot water heater was replaced in 2023. All the plumbing is visible from the basement and it could be original (1964). The kitchen was recently renovated, I would just have to buy a fridge. There aren't a lot of comps for rentals but im thinking 1900 it would rent very quick, potentially up to 2300.

so its a post foreclsoure bank owned.?  just approach it like any other deal.. offer what you want to pay.. or that makes sense..