All Forum Posts by: Larry Richardson
Larry Richardson has started 4 posts and replied 33 times.
Post: First Flip - Auction?
- Posts 33
- Votes 9
Thank you so much for your input Odie! I realize the short sale is actually a deal with the borrower ( and the bank agrees ). Very good tips in there ! There is also the possibility that it goes for higher than the minimum in this case too. I have a couple of duplexes, and two other single families that I am looking at this week. One duplex, I think I could get that for a BRRRR within 2 mos, and it would have a positive cash flow of $484 (ish) and a CoC of 58%.
Post: First Flip - Auction?
- Posts 33
- Votes 9
Adding deal link
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Post: First Flip - Auction?
- Posts 33
- Votes 9
Auction March 20. 139K. Drove by and prop looks well maintained on outside. 1993 home in very nice neighborhood, 220 comps. 1393 sq ft.
My numbers were a $130 offer for short sale, and either wholesale it or drop the (complete guess here ) $20k in expected repairs. Even with using hard money, there is plenty of room for profit and contingency. I'm starting to look for some partners on this as well.
The one thing that sticks out, is looking at Zillow history, this thing has been in a "state of foreclosure" basically since 2012. My concern is that they are professional tenants and would be difficult to get out, even if there is an auction sale.
Is the auction a horrible risk for the first deal ?