Updated almost 11 years ago on . Most recent reply
4 plex deal
Okay, so I'm looking at a 4 plex foreclosure. The listing price is $99,000. Currently it is in the FNMA First Look program, so I can't make an offer until after 10 more days. I've looked at the property and it is in good enough shape that if it makes it out of the investor lock, I expect a bidding war.
My question is, should I bid my highest price first or bid the asking and wait to see were the other investors are bidding? Also, what would you bid on this deal?
The numbers:
$2100-$2400 a month.
Expected vacancy 15%-20%
Mortgage is a 15 year loan at 3.75%.
Expect $5000-$10000 in repairs.
Property Management handled by myself.