The art and science of asking questions is the source of all knowledge. (First potential deal)
Hello BP family,
I hope that you all are well. I recently found a potential deal and i wanted to get some opinions and advice about moving forward. My goal is to get the house at a great price, make the necessary improvements and flip it. I have never worked with a hard money lender before, I know that i will need one for this project. Any advice with approaching hard money lenders and how to prepare my self would be greatly appreciated.
The House is a REO listing at $41,500
Its going to need about 15k-20k in Rehab.
I checked the comps in the area and there has been numerous homes with the same Sq Ft that have sold for around $87,000 -$90,000.
The house has 2Beds 1Bath768Sq. Ft.
$54 / Sq. Ft.Lot Size: 5,550 Sq. Ft.
Built in 1918
The house has been on the market for 59 days. I would like to know what your thoughts are regarding this listing. I have a lot to learn as a new investor, I figured i would reach out to my BP family. I look forward to hearing from everyone, Thank You sincerely.