OfflineWell I did a walk through inspection yesterday on a foreclosed property that the lady let go. The property needs about $60-$70K and according to the agent with that into it, the property would be a "Cream Puff" Im going to try to lock the contract for $140-$160 with a re-assignment and profit potential of $20k. Now should I get this under contract before getting in touch with other investors? I dont want someone going over my head and snatching the deal away.
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Im gonna make him an offer he cant refuse
Maybe a bump up. Here's a link for people to check it out let me know what you think. Lots of nice photos.
http://s131.photobucket.com/albums/p287/NightEagle1981/Real%20Estate/
Im gonna make him an offer he cant refuse
Miller, In viewing the property, Given what they say the comps are, I would bid around $140,000, because you know they may come back with a counter offer. This gives room for negotiating. I believe this is a property that need some work, therefore you must make allowances in order for the buyers to also profit after making repairs. Way to go, Good Luck.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
I have refurbished four properties now..... and each time I am getting better a estimating the ACTUAL cost of the repairs. Luckily, I am buying properties at 40% to 57% of current value since I have went over budget on each one!
look at my first few deals in my journal and don't forget to look at Rina's Journal, Anita's Journal, CBR and so many others who are succeeding in REI: http://www.deangraziosi.com/node/7959
Don't be discouraged, don't trust the agents appraisal, do your own assessment and or get someone you trust to help you.
Let us know how it turns out.
Regards,
Rohn
DeJor Properties, LLC
Get the property "UNDER CONTRACT" immediatley, and as long as you put the correct CONTINGENCIES in your contract, then you'll be fine, SULLY.
YOUR HERO, SULLY
You mentioned that property need 60-70K for upgrades or for the cost of the property? What's the comps in the area to really make an accurate assessment. If you assigning the property for 140-160k, is $20k possible profit comes after ARV or FMV? If you purchase the property for 60-70K, the you have to find the repair cost to determine your real profit. Good luck!
Lloyd
In a previous post(i beleive), and they were pretty much on target, i think he's in good shape, SULLY
YOUR HERO, SULLY
Well I sent an email on the offer. I offerd $150,000 as is with a $60,000 cushion for repairs which if accepted and assigned I could potentally make $15,000-$20,000 profit
Im gonna make him an offer he cant refuse
Make sure you have an exit clause in it Bernie, which I am sure you do...Jan