First potential deals
Good Afternoon all,
Been reading alot and not posting. Listened to well over 200 of the podcasts and hear over and over again you need to get in here and post. Realizing its just a step I need to take.
Been looking around for my first deal. Not sure if I want to try a fix n flip or BRRRR, but this one seems like it could work for both. Was originally afraid of showing deals, but starting to realize I'm not going to make a move without some oversight so if someone decides they want it go for it. If you do would love to know how it works out.
Anyway, this property is local to me which is why it showed up in my list. Been extremely difficult to find anything that has the %1 rule in better areas of Maine. Parsonsfield isn't a war zone by any means, there isn't alot of high paying jobs out this far. Your here because you work at the local places or you've got a low skill job in closer to portland. The way I see it right now: Portland at least areas of it are A class and quite expensive. No chance of %1 rule. 20 miles around portland are the more B class areas. Prices are high rents are pretty high still and real estate has been hot for awhile so deals are fewer and further between. Parsonsfield is about an hour from portland and is probably C+. This one hasn't been listed that long so I'm not sure its got any real leeway on price yet, but sounds like owner financing is a possibility. I guess I'm wondering how to put a value on it. I don't think its a buy at the current price, and I don't think you'd get your money back if you did a bunch of work and made it real nice. Might even work better to convert back to single family and resell.. MLS#: 1452074
Property #2 is just a flip opportunity. Caught my eye because of the low price. Again just down the road from me. Looking at the price they started much higher back in December and have been dropping price every month since. REO and looks to be in relatively rough shape. When I look at it as a flip I think does this fit the preferable criteria of great neighborhood, good bones, good curb appear or the potential of being a great rental, etc. Pretty sure the answer is no on all of these. Its more of a niche home in the woods type thing. Would have to be the right buyer etc. At the current asking I'm wondering is this a buy at any price? I.e. 20K? 15K? Would give me some practice making offers even if they say no.
MLS#: 1441355
Probably ought to be searching offmarket if I want a real deal. Also need to organize my thoughts and be more concise with my posts, but break time is over so I'll see what happens.
Thanks for taking the time.