Skip to content
Real Estate Deal Analysis & Advice

User Stats

12
Posts
3
Votes
Matt Spicer
  • Real Estate Investor
  • Hamilton, OH
3
Votes |
12
Posts

First HUD purchase

Matt Spicer
  • Real Estate Investor
  • Hamilton, OH
Posted Nov 17 2014, 19:42

6 months ago I payed off my mortgage in less than 5 years and before my 30th birthday.   I a felt it was an accomplishment but the main question I had was, so What's next?

Two weeks ago I put a bid in on my first investment property and will be closing on it tomorrow.  I want to use this to track the property and hopefully add some helpful content for others.

Here is the current state of repair the property is in.

We have estimated the ARV to be $90,000 and we have estimated $30,000 in repairs and improvements. We followed the 70% rule ($90,000 x .7 = $63,000) deducted the estimated repairs and put in the offer of $30,000. You can always go up right ;), our offer was accepted.

Look for more to come.

Loading replies...