Brooklyn, NY · Member since 2013 · 14 posts · 0 votes
Hello BP,
I just closed on my first rental property and now I came across a deal for a 2 bed 1 bath home 981 sq ft built in 1910. the place is boarded up and they are selling it for 7k. I am going to go in with a low ball offer because the value of the place when fixed is no more than 20k. I am thinking it might be best to assign the contract to a rehabber. I am going in with a 2k offer. Do you think this deal would be good for assignment?
Rental Property Investor · Brookline, MA · Member since 2013 · 1k+ posts · 777 votes
12y
I would get in there and check out the basement. At 2k the beams used might be worth more than the house. Split it with a recovery company, not a rehabber. Clear the house out, sell the beams and sell the land as a building lot.