OfflineOk I got a call from a client today that has a probate property. He wants to sell it for 99k he claims it needs 11k in repairs. I asked him if his price was flexible. He told me he would have to speak with his wife.
Here's the deal I don't want to bother my real estate agent with comps back to back because I noticed they get annoyed. So I did some research and found a website that provides some comps for free.
Based on this site: http://www.homegain.com/homevalues/Baton-Rouge-LA/70815/12226-Fairhaven-...
His property could be worth 99.50 per sq ft which means I'm looking at 100k in equity. Should I call this guy and lock this property up asap? Or should I nag my real estate agent to give me comps first?
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have you gone to your city/county website to research the property?
Have you seen the property?
how does he come up with the repairs cost?
what are the repairs?
ask him how he came up with the asking price?
is the house paid for? how much is owed?
if its got $100k in equity - thats sweet.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Well today I met the home owner he agreed to sell it too me for 90k. I haven't looked at the home yet. The only thing I did was have my Realtor pull comps. After thinking about it I decided to include her in the transaction since there is so much equity involved.
The only thing the owner was concerned with was my inspection period and a down payment. He needed to discuss the 21 day inspection period I placed on the agreement with his wife. Hopefully me telling him I was a new investor didn't screw my chances of getting this deal.
The agent told me at best I can sell this house for 185k.
Any updates on this deal? Sounds like a pretty good one.
- Tom
I've heard from some of Dean's superstar students,like Randy, that you can't always trust websites like that for comps and that a realtor's comps will be more accurate.
Hope that helps
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
I do agree that comps from agents are most helpful. However, you can't burn out one agent with your request unless you are helping them make money too.
In my area of Florissant, Mo., prices are all over the place and even agents are confused sometimes.
I've found that Dean's Real Estate Analysis System "Total View" is as close as you will find to help with the process.
Hope that helps!
Rodney
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Website that get's results: www.jracrealestateinvestments.com