3rd deal done

[Naseera Mohamed]

Happy to share with BP that my 3rd deal is done for an REO 2-family house in Jersey City. The good thing is the whole house has been renovated except for the basement .

Cost -270K 

Rehab for basement estimate -$15000 

Expected rent -$1650- 3 BR/1 bath unit 

                         $2300-3 BR /2 full bath with basement 

Detached garages available .

This is an attached house . Wanted to share another great idea I saw in the adjacent house. The owner had put in a staircase on the outside of the detached garage, from the backyard and put up a little garden with seating etc, on top of the garage! Beautiful ! 

[Naseera Mohamed]

Thank you all for the encouragement . 

John -I tried subscribing to the Foreclosure websites , but did not find any leads I could work on . I just went the conventional way -The first 2 REOs I bought was through my agent .

This one was something I got through the mls. There are plenty of foreclosed properties that come across these days on the regular listings. I just went to the open house they had -I made sure I went early and built a rapport with the agent. One valuable piece of advice she gave me was -"If the house sells by a $100 more, you should not regret your offer. Make your offer the best that makes sense for you financially. And thats what I did -I went up from my initial offer I was about to make -$265K -to $271.And sure enough, the agent told me after the closing that her next best offer was $265k! The bank appraisal came in at  $375k