Feedback & Comments Appreciated for REO Property that needs a lot of work?....Deal or No Deal ?

I , myself, wouldn't deal with a 2 BR due to marketability. With all the rehab to be done, can you make it into a 3 BR? Good Luck

Bruce

Just my opinion I would buy this in a heart beat. It looks major in repairs but a roof can easily be replaced. Even with replacing the plywood. Sheetrock is cheap and easy to replace. The way I look at it even if it cost you 30 thousand in repairs. Offering 7,500.00 even with a counter offer. It's still a great profit margin. Sit on it for a year. Then I would rent it out for 700.00 to 800.00 a month, to a couple with one child as a lease option. This way you make 5 0r 6 thousand more in a year. Then you could flip it with a 40 to 50% profit margin. Or keep it and take the cash out and invest. Any way You look at it's a asset to you. Keep in touch. I'm so excited for you. It wouldn't hurt to offer even lower. I would start with a 5,000 thousand offer price.Because if the roof looks that bad, some people might run from the problem. I'm in the business of home improvement. $25 to $30 thousand can give you a completley renovated house. If you need my advice on how to fix things I'm here! Go for it Joe! Continued success.........Lubertha

P.S. You see this Joe? This is the YES to the NO that you got today from your offer. This is just waiting to happen for you!

Offer 5K. After repairs, assuming you spend 25K, you wind up with pretty good margin. Go for it!

Yuri

Thanks for your comments and thinking about the third bedroom to add value, this is a great point. There could be room in the yard to add another bedroom. I was considering making a rec room or office in the basement to add some extra space. Thanks for the input,the ideas and well wishes. Good luck on all your deals. Believe and Achieve! - Joe

You are right, when one door closes on a deal, a window on another deal opens. Thanks for all your input, ideas and opinion on this potential deal. I appreciate the detail you provided. I always like to think about a deal and think of it from every angle. You gave me some good things to think about. I agree their is potential here and I know people in the midwest like garages for the winter time. Thus, it may be a nice project to learn a little too. I like that it is also located near an expressway which makes it easy access to get to places. Thanks again for all the ideas and input. I appreciate your information and advice. Good luck on your deals. Believe and Achieve. - Joe

Thanks for the information and comments I appreciate it. I hope all is going well for you. Thanks again and good luck on your deals. Believe and Achieve! - Joe