OfflineI know better! I have not spent the past couple of years studying to finally pull the trigger this year, to then freeze up. We are on our second flip and right now should be closing on the third but I am an idiot. If the numbers make sense, find a way to make it happen! I have a house right down the steet, no kidding, 5 houses down, I was going to offer $70k and it has a little foundation issue, last flip a had worse crack and engineer said it was nothing, and then just replace floors, paint, and appliances. FMV is $135k. I asked a few people about being the PML or partner and then was just peetering around with doing it. A little birdie, I'll call MY MOM, always says don't do more then one. If you learn something from this post, listen to the pros that post here, not your friends and family(mom), they don't know the real deal like these folks do. Someone just bought the house for $75k, $10k-$15k upgrade would of made this the daddy of a house, but NOPE, NOT ME, stinking chicken little over here. Ok, I am done beating myself up over this for the time being.
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Hey Jackk09, so just wondering what was the asking price on that house that you were gonna offer 70k? What was the ARV on it? Dont beat yourself up over this. At least you already pulled the trigger on one. Thats more than i can say for myself.
Yeah Keb right now there are more of those then deals or offers made, hope I can change that in 2012.
Dan the asking went down to $110k and FMV is $135k. There is a crack in the foundation that would need a little repair, nothing major at all and then the other upgrades, $10k-15k tops and it would of been sweet. My realtor sent me a note saying "That is like stealing money on that one", he had been on me about this one so bad. Its a ranch with a bonus room above the garage, a really nice setup. In fact mama and I had even talked about renting ours out or selling and moving down to it possibly. We have 2 we are looking at right now, stupid cheap, one is a mobile home and the other is in a rough area, but the prices are low. Going to talk to the owners again tomorrow. Also had a neighbor of the house we are flipping come by and talk to us about buying his house in the spring, so we'll see what we end up getting into.
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