Updated about 6 years ago on . Most recent reply
Buying first deal needing help
Hey everyone new to bigger pockets forums. I’m looking to purchase my first property, I have been in contact with a whole seller. So the deal is
Arv- 124K
Reno-20K
Carry and closing-9K
Buy price- 80K
He’s saying the least he’ll take is 72K. I’m thinking I’m going to hire a contractor and get it fixed then renting it out. I have the cash on hand just looking for maybe some advice on if I’m looking at a good deal. Thanks in advance for any help
Most Popular Reply
At 72k it still seems a bit thin, even for a rental. If you could get him into the mid 60's I think it would make sense - But you need to be confident on your rehab because if that goes over budget you may be in a more difficult scenario.