Is it a deal?
Hi all, hope you are all doing well!
I'll keep this short and I'll give a quick overview of a lot of the calls I have recently been getting from my direct mail campaign.
-Very motivated Sellers. Willing to give up the property for as little as just the back taxes owed with a few extra grand to walk away with (for our purposes lets say $5k)
-Property is generally a 3bed 1 bath or 2 bed 1 bath, usually 1 story and around 1000 sf
-Property has sat vacant and has utilities more or less completely stripped... therefore lots of rehab work would be needed (probably $20k minimum rehab costs)
-Average ARV in the area could generously be placed at $30K
In my mind the only investor that would even be remotely interested in a property like this would be someone looking for a buy and hold, as it seems there is absolutely no room for a fix and flip margin. My question to all of you is, are my thoughts on this correct or not?
I suppose I could get the property under contract with a financing contingency, and shop it around to see if there is any local investor interest. Any thoughts on this?! Thanks in advance for any input!