All Forum Posts by: Jason Benson

Hey Guys! We were outbid on the property... Any tips on offering on properties? We are looking at another property and the housing market here in Casper is slowly starting to come back up. We are currently looking at a HUD home and offering $86k with a listing at $107,500. That 80% and its been sitting quite a while. It's that ridiculously low? The comps our realtor gave us ranged from $165-189k for resale value for this particular property... What do you think? It needs probably $20k with of repairs.

Thanks for all the Input. Yes this side of things is all very new to me. It's was a foreclosure that was sitting at $112 for a about 2.5 months. It recently dropped to $75k. I asked similar questions as to why it was sitting so long at an ARV of $175k and I've not been told of any majors issues. It's run down. All flooring has been completely taken out and a bathroom downstairs was started but unfinished. We may be looking a little more on repairs but I just won't know until a better inspection is done. Appreciate the responses! I'll keep you updated if our offer is accepted.

Hey everyone! Thank you. I actually have done all of those things. We stand to be around $42k-47k net after purchase price at $80k, fixed cost around, $28k (our first flip we are using line of credit which is costing us a bit... but these cost include all holding cost as well for 4 months), repairs at $20k, with a sale price of $170k-$175k. We are splitting the profit so we are looking at around $20k each. I guess I just feel like it seems to good to be true because it's my first flip. Is this really how it works? It's a good house just in need of mostly cosmetic repairs. Paint, floor covering, exterior door replacement, new roof. We will do almost all the work ourselves on this one. Thank for the input!!

Just wanted to check into something. I am currently putting an offer in on a Fannie Mae home. The house is listed at $75k. It recently dropped $37k from $112k. I am not new to construction but I am new to the real estate side of things. I am working with a friend of mine and we both have both have funds coming in. We offered $65k for the house and our Realtor came back and said the listing agent wants our highest and best offer because of multiple offers. Our realtor suggested $80k as a max price. The resale value based on comps is around $175k. Just wanting some thoughts as to if this is a good decision? It's hard to know just getting started if we are being taken for a ride or if this is just how the process works? I have worked out the numbers and we are somewhere close to netting $42k if all goes conservatively well. Thoughts!! Thanks in advance!! Jason