Updated over 7 years ago on . Most recent reply
Massachusetts SF - Ludlow
I found this property off market and was going to flip using hard money. Property did not appraise at the value I needed in order to make the investment make sense. Lost a little money but got excellent education on specifics with a new hard money lender.
This may be a good investment for someone in the market looking for a live in sweat equity opportunity. Here is your opportunity to get it direct from the seller without a RE agent prior to it going on market. I am just trying to do the right thing and help the owner sell and get out from under the property.
Property is newer but needs lots of cosmetics. Paint - flooring. Small foot print with 768 up and an additional 750 or so down. See Zillow. Pool and deck with nice yard in nice part of town.
Seller wants out for what they have in. Seller has boys and pets. Seller bought property for $200K and owes $159K and would like to get out of it for that amount. Zillow Zestimate was $213k. Maybe we got a bad appraisal (neglected things like the cooling system), but it came in for under what I needed to justify hard money and the risk. I was looking for $200k ARV.
Property has passed title 5. Everything is all set to go.
At this time, I am not representing the property. Please contact the owner Brent if interested in buying, PM me for his e-mail or go direct. Act now as the property will be under listing agreement shortly... again just trying to do the right thing and help the seller.
When I have more free time I will be writing a blog to share my lessons learned. If I broke any BP rules (there seem to be many) please advise and I will adjust.
Damon