Updated over 9 years ago on . Most recent reply
First time flip, what to do at this point?
Hello, I'm new at flipping houses. I have fun my home work and I'm learning as much as I can befor start. I believe I'm ready to start. I know you learn as you go. I just don't want to get my self in to some thing I can't get out of. I have been analyzing property's and getting getting the numbers down, and I have come across a Gus property that I feel that I am ready to take on. ( I hope) it's a 4 bed,2 bath, 2432sqft. 12acre. It's been on the market for 2 months now it was bolt in 1971. It needs cosmetic work and there asking $59000. For it . Using the 70% rule the ARV is $190000. With the the comp. it places market price around $321,915. Now comes my problem, the realtor said the water tap was foreclosed on and to get a new one it will cost$7300. And I won't be Abel to get a loan or a lender to get the place. Is this true? And should I go ahead and try to get this place or should I move on? Thank you