OfflineI just started the Success Academy and am probably jumping the gun, looking at properties while still learning...but! I'm in TX, and was looking at properties in my Florida hometown. Found something interesting.
4 townhomes(2 bedroom, 1.5 bath each), all 4 for $69,900. That breaks down to $17,475. per unit. I looked at Totalview and they state the value at pretty close to the asking price, and the appraised taxes are pretty close, also. But, I'm thinking something is off there, somehow.
I talked to the realtor there. He says it could use about 5K of rehab per unit and a new roof will be needed soon. But, that the units could be sold seperately. Or, held and rented. It's near a country club and not far from an air force base.
It's a Fannie Mae. REA said there was something fishy with the original financing and that Fannnie Mae was screwed (his words). Because of original financing, it has to be sold as one property. He says someone has made an offer on it, but lowballed it and Fannie Mae has not excepted. Sounds like they are going back and forth.
Unless it is in much worse condition than the REA implied, I think $69,900 sounds like a great price.
I called my uncle, who was a contractor in his younger days, ask him to take a look at it for me. He's out of town and won't be back until late Friday. But, if it's still available, he will look at it for me on Sat.
I'm trying not to get too excited, because it may be sold before my uncle gets back. and,I have no buyers in that area. I will be working on that over the next few days.
So, what else should I be doing? What else should I be looking at? Opinions & advise welcome.
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson
I will call the realtor again tomorrow, ask him for comps.
One more thing about the property...it is a 7 unit building. Someone bought the other 3 units as a package deal. Has completed rehab, and sold or is selling one unit for 60K.
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson