got a call of a bandit sign, He is very motivated because he is moving out, this would be our first deal.
we went to look at the house its really not in that bad of shape, needs a new roof and a couple cosmetics, and a very small foundation crack
The arv is 73,000 he is asking 33,000 so its already much below .65%
he cant go lower than 33k because that is what he owes.
If anything im guessing i can make 1,000 (not much but its better than nothing!)
Thats if the repairs are below 14,000. which by the looks of it, it is. (he even has a Very nice wooden shed in the back -looks like a small little house- So maybe that can add value to the house..?)
but of course i could use expert advice! Im very excited of the potential but would like some other peoples opinion.
Pull the trigger, as long as house is live able you have a good deal. If you can flip you have great deal
@Leah Bonner It sounds like a deal.
Who is the buyer? Are homeowners buying in that price range or would it more likely be a landlord? What are the rents?
@Ned Carey I think i'm gonna go for it then!
and well i'm thinking just play the middle man and wholesale it to an investor, All though it is live in ready for the most part.
I'm not too sure what the houses in the area go for. According to zillow houses have been selling 75-80k (the one across the street is showing value of 100k) My guess though is it could easily be a rent neighborhood . I did see a for rent sign in that same location (which im considering calling to see if they would sell on terms!!)
Yes I understand you are going to pass it off to another investor. My question is who would be the END buyer. The reason I ask is, in many areas of the country a $70K house is pretty inexpensive. Buyers for such low end homes may have difficulty getting financing and demand may be low. A rehabber may not be interested. A landlord is going to buy based on cash flow and what they can buy other fixer uppers in the area for.
It sounds like you have a real deal on your hands but the devil is in the details.
@Ned Carey hey thanks so much for your input, i went threw with it re sold to a rehabber in less than 48hours! just waiting for them to close :)
My first official deal! Cant wait to do more
@Leah Bonner congratulations. I hope this is the first of many
@Cameron Price hey Cameron thanks so much! Love all the support this site offers! :)
@Leah Bonner congratulations!! Keep it up!!!
@Leah Bonner congratulations on your first deal! How were you able to pull it off in such a short amount of time? Please go into details
@Tri Nguyen hey thanks so much! haha well FINDING the deal was the only hard part!! He called me off of one of our bandit signs from months ago! (so time changes motivation for sure) he basically took what he owed, we decided we could profit , got it under contract posted it on my local REI forum at 11pm the next morning had about 3 potential buyers, 1 even sent a contract! (but we told another buyer he could have first dips) he looked at it made an offer and boom. just waitiing to close :)
@John Britt thanks so much! Cant wait to get more!! haha
Looks like we might have another one! shes very motivated (divorce) Only tough part will be having the husband agree! considering he doesnt live there anymore im sure he wont care, but hoping he wont get greedy!!
Wish us luck!! :)