is this a good deal?

Question

How about this one? Newark, NJ 100 Willoughby Street Single family home 2bed & 2bath no repairs needed taxes $2,800 Appraised @$150k Asking $75k DJs buyers ready

J Scott · Answer

I don't believe the appraised value is really $150K.

There is a house for sale a couple doors down for $145K.  That one has 4 additional bedrooms, is 95% larger, and appears to be move-in-ready.

Not to mention, your property is listed for sale publicly at $40,000.  If it were worth $150K in its current condition, someone would have offered something around $150,000 for it.  But clearly nobody did.

As was pointed out in the other thread, if you're not willing to devote signficant time and effort to really learning this business, there is absolutely no way to be successful.  If you spend a couple months reading and studying, you'll understand why there is no way this could possibly be a good deal...are you willing to do that?

Account Closed · Answer

Some sellers say "appraised value" to refer to tax appraised value. This is a double whammy. Actual value much lower and high property taxes to boot!

Doryal P. · Answer

Thanks for the replies.. I'm clearly working with someone who does not know, or trying to mess my credibility up.. Unfortunately, I haven't done any comps on these properties, and I'm fortunate that I have bigger pockets on my side.. Time to go out and find my own motivated Sellers, with my own niche; finding my own comps negotiating my own prices to market, and closing my own deals.. Thanks guys!! I truly appreciate the response I get from this site.. Hopefully I can update myself, come back up here, and acknowledge everyone that added to my success...

Will Barnard · Answer

Ditto what J has offered you. In just a few minutes, someone with knowledge and experience has uncovered the truth from a thousand plus miles away. You need to learn the basics first rather than posting "is this a good deal" and relying on others. Foundation is essential regarding your education in this arena.

Wayne Brooks · Answer

You also forgot to mention it's a short sale, and owned by a real estate agent.  We all get tired of "wholesalers" sending us "deals" which are listed on the MLS for less money.  Really, what value have you provided?

is this a good deal?

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