Buying water damage property
Hey everyone, I’ve been in the market to start investing in real state the last few months I currently live in NYC, but been looking in PA. A few days ago I cane across a home in NYC in an upcoming Neighborhood with what I think are great numbers. The home is an all cash deal but I believe the would be open to a conventional loan, now the property is on sale for 180 but it needs to be completely gutted. From the description of the realtor it has water damage and it may have mold. I’m currently looking to offer 200k and I asked around a few contractors they all say roughly around 80k-100k to fix. The house has a value of 400k according to one real state agent but the homes around it are selling for 450k.
Has anyone had any experience with water damage and mold removal??
Also since it took me a few days to talk to the agent. The offer must go in by Sunday, but I haven’t finalized the hard money lender because if the short time I’ve had.
I need some advice on this deal
****** it’s also a two family home
Thank you Guys