OfflineHi DG family, I found a property that I think I can profit from. It's a single family home. I've had an opportunity to view the inside and out. It's listed as a 2 bed, one bath but after seeing it the space upstairs could be turned into a 3rd bedroom. That would make it more appealing to more people I think. Not much serious repairs appear to be needed. I look forward to redoing the kitchen and bath, also I'm going to have to add a closet upstairs. The house is being offered for $23,900. Without knowing the comps I would say that the home should appraise for at least 60 to 70K as is. I'm going to go to an agent to have comps done and I need a title search. Then I will make an offer. I'm still a little unsure about which contract/strategy to use to lock up the deal. I would appreciate any assistance I could get. Thanks in advance.
PS. This property is being offered by an out of town Realtor who's representing an out of town Corporation. Will this make a difference?
PS. I hope everyone had a safe and happy holiday.
lbrown
Leslie's Journal
Posted on: Fri, 11/27/2009 - 17:02
Leslie's Journal
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Take off the repair costs from the asking price, and submit your offer. If it is worth what you say than you will be in great shape for a quick sale.
fax machine will come in handy on the out of town part
Just do your due diligence and make sure the numbers work in your favor. They may be even more motivated to sell since they are from out of town.If you can find out how much they owe on the home or what they bought it for it can help you with your offer.
good luck
Richie.
First - welcome to the DG family and I'm glad to see you start a journal. They are a great way to track your own success and keep track of your journey. Next, I second what Richie has said. Number dont lie. Make sure you know what your end goal is, and run your numbers from there, whether it be for a buy and hold or a flip. I spent many hours trying to manipulate numbers to make deals work but in the end I had to walk from many.....its being smart and doing as Dean teaches us that makes us successful! So good luck with this deal and I'll look forward to reading more from you
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Thank you to both of you Laura and Richie for you positive feed back. It means a lot to hear that kind of encouragement. Good luck to both of you too in your future deals.
lbrown