Possible Deal???

2 Replies

Hey BP Family,

So I got a lead tonight from a post I put on Back Page. here is the gist...

Lady bought an investment house hoping it would be an easy flip and found out that was not the case. Another "investor" took advantage of her and basically took her money. So she is motivated and wants out. She is looking to close ASAP. She owes 69k on the house and said she would be willing to go down to 60k (taking a 9k loss) just to get out of it. I pulled some comps from *******************.com (don't rally know how accurate it is) and saw as low as 35k and high as 110k. She said it appraised for 68k when she bought it and needs work. I have not asked her what it rents for and I will be going to see the house tomorrow.  House in not in a great neighborhood, but not a horrible one.   Any thoughts? 

@Shawn Connors I would like to see what more experienced investors will say.  I would pull some comps yourself, but is the appraisal came out to 68K that doesn't leave any real room.  If you see the comps justify 110K, you could possibly find and investor willing to finish the rehab while keeping the loan in place and then they get there profit when they sell.  How old is the appraisal?

Don't go off the appraisal. Do your own due diligence and see how much similar houses are going for in the area both fixed up and in similar condition. Try to gauge what you would need to put into it. If this place is on the market then I would be very careful. If that couldn't make it work then how could you?...unless your idea is different from the other two peoples'.