Total newbie with familiar starter questions

6 Replies

hello there, just wondering if anyone would offer advice on some questions.  I am eager to try a real estate investment and actually found a possible rehab very close to my home...Mls listing 6394374

I checked out the outside property today and I'm going to see the inside tomorrow. With my neighbor who is a realtor.  Looks rough and looks vandalized (central act unit busted open from copper bandits, front door busted open but hinge lock keeps it "shut")

Zillow states the listing realtor will only represent the seller so that means I will need a realtor on my end right?  It's listed at $66,600 but I don't think that's realistic so where does that number come from?  If this were to proceed in any way would it be just like buying my current home...get approved for a mortgage...make offer...have settlement...fix up..sell for profit...pay off mortgage...hopefully have some money left?  Any advise would be helpful!  Thanks!

@John Heck   My initial gut feeling is that you can do better than this.

In my experience, rarely do copper vandals stop at a central AC unit. They will gut the entire property, and if they know what they are doing they don't even have to open up the walls in a conspicuous way. Go over every single inch of the home.

 I took a brief look at the comps in the area (again, notice the emphasis is on brief... I am not a PA expert), and the number looks a bit high.  Also, I believe it is harder to get financing for a mobile home.

thank you for the response Tiffany!  I agree 100% with you! but since it's so close to me(about a mile) I thought I'd at least check it out and for the right price make something happen.  

It is a mobile home but sitting on a basement so does that remove it from that category?

@John Heck    I am not sure. I do know that it would still not be considered 'stick built on lot'. I would give your mortgage broker a call and ask them how they would feel about lending on that kind of property.

   If nothing else, you will learn a lot simply from touring the property. Real estate is all about acquiring knowledge, getting your hands dirty and putting in a lot of hard work.

agreed...I don't have a mortgage broker yet...one step at a time...thanks so much!

@Mitch Robins  Anytime!

If you are serious about flipping, talk to a mortgage broker to get some clarity about where you stand. Next, decide your end goal, which will help you decide with houses are worth the trouble! ;)

Let us know how the viewing goes!

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