I've started working on deal and wanted to get some input as I am new to this.
2/1 with 1,126 sqft. Asking $19,000 but in need of repair. Listing agent said I could get the home for "seriously less" they are offering special financing. 2.9% interest with 20% down. Zestimate is 28k.
A couple of questions:
How do I analyze cost of repairs without viewing the property?
With such a low mortgage payment and a low ARV would it be more beneficial to buy and hold or flip for profit? (rent in this area is 750+ per month)
Howdy @Benjamin Z. Pickens
1. Unless you are an experienced rehabber familiar with the area it would be hard to estimate repairs. Is there lots of current pictures to get a basic idea from? Otherwise you really need to walk the property or have someone do it for you.
2. The answer to your second question depends on your investment goals and needs. Do you need to build cash reserves to invest with? Then maybe a Flip is better. Are you wanting to build a rental portfolio for passive income? Buy and Hold could be the right choice.
I would analyze it both ways and decide from there.