Questions for a potential deal in Silver Spring, Maryland!
Hi Everyone!
I hope this posts finds you doing well. I have a potential deal right now in the 20910 zip code in Silver Spring, MD. It has a great location (close to the metro and downtown Silver Spring) in a good neighborhood. It is going into foreclosure, but the seller does not have any vested interest, so she is considering just letting it go. Otherwise, she might sell it through a neighborhood realtor but doesn’t really want to go through the process just to make a little money after commissions etc. She’s not looking to make much, which is good, but unfortunately the house doesn’t have much equity (still a ~$538k mortgage).
I think the ARV could be around $825k after looking at comps, but the house is very dated needing a lot of rehab, and the area requires a nice renovation. Rehab could be from $75k-$115k depending on one's plan and reaching certain numbers, but I am still inexperienced (please see my recent post on the new member intro forum to learn more about me:) and am not confident in my ability to estimate rehab costs. I took an abundance of pictures and videos and am willing to share them via email if anyone is willing to please take a look and provide some thoughts/insight.
I really want to be able to get a deal out of this (I am planning on wholesaling) but do not know if the numbers will work for me and/or the end buyer. The house has a lot of potential so it is unfortunate that there’s not a lot of equity. Other than my interest, the neighborhood realtor has an interested party almost ready to buy if it doesn’t work out with me. Any advise would be greatly appreciated, and I look forward to hearing from you!
Sincerely,
Spencer Liang