This would potentially be my first deal so im a bit nervous as to how to proceed or where to move forward. I've found a property, 1900 sq ft 5br 2.5 ba. It is in foreclosure and im waiting for a response from the bank's representation. Its needs a full renovation from top to bottom.
I'm a little shaky on the comps though. The house next door is worth about 320k, a couple houses down is a 6br 3ba and says its worth about 700k. As is condition says the house i'm looking at is worth $209k and is selling for $99,000.
I need you guys' advice. Is this a gem? Should i really push and see where this can take me? I live in NYC so i'd love to partner up with some people and make things happen.
Are you dealing with the seller directly @Tiffany Cunningham or is this listed with a realtor?
The value key is in the rehab estimate. If it will cost more than $40k to get it to the condition of your 'comps', there probably isn't enough there to wholesale with a $209k ARV.
How much is owed and how much in arrears? Will this be a short sale? Every layer of agents, banks, attorneys, committees, etc make a wholesale opportunity all that much less doable. At least you are out there finding things!
Hello, you sent a colleague request to me and I will be able to assist you, in making something from the deal. You may contact me at 347-885-4363. I am also in the Bronx please call me as soon as possible to get it rolling.
Honesty, Truth, Integrity, & Only The Best, Cheers! Wnorowski Enterprises. In God We Trust.
Bye. Speak soon.
@Tiffany Cunningham How did you come up with the comps? Are you simply using zillows value are did you pull several similar properties in a close radius and compare sold prices?
I've done a few properties in the bronx so i'm familiar with the market but the numbers you're throwing around are a bit all over the place.
Feel free to private message me if you have any questions as i would be a cash buyer if the numbers are right
@Matt Lane i'll be in contact with you shortly
sounds good @Tiffany Cunningham , hit me up when you are free and i'll be glad to help
Join the Largest Real Estate Investing Community
Basic membership is free, forever.