Deal or no deal?

[Justin Turner]

This is going to be my first deal. Tax assessor says it's worth 47,667 House across the street and next door sold for 66k and 62k in past years. I have the house under contract for 18,000 has section 8 tenant that pays 658 monthly. My mortgage is 270 Needs new roof. New carpet. My dad is holding my hand through this deal as we'll but I would like the community's opinion also. Thanks guys, Justin turner.

[Deano Vulcano]

You need to find more recent sales to determine today`s price.

Tax value should only be a general guide but by no means any indicator of present value.

I always nail down how much I think I can sell the property for QUICKLY. That is the most important number in any deal. Then just work backwards from there, purchase costs.....rehab costs.....holding costs...selling costs.

Whatever is left after all of those numbers is profit.