I Need Help!

I Need Help!

So I'm still trying my hardest to get my first deal in, so far nothing is coming through. However, I thought I'd post this to get some tips or your opinion on this information:

Single Family
3 Bedroom 2 Bath Home
Sqft: 1,270
Lot size: 4,200 sq ft / 0.10 acres

Asking Price: $439,000

Total View estimate: $515,371

Zillow: $438,500

Similar homes are going for $365,000

What do y'all think decent deal or not? I have other properties I'm looking at, but I wanted to post this one first.

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Stevin

Is this home for sale by owener. With out seing the home in person if you put down your numbers in the right places I would say they are asking to much.
they are asking $345.00 a sq ft. Even at 365k thats $287.00 a sq ft.

What town is the home in.

Steve.


Maybe

Maybe try a lease option?

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Jay C


There's an agent attached to

There's an agent attached to it. Its located in Monterey, California. Homes over here are quite high.

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Lease Option Scenario

Jay C wrote:
Maybe try a lease option?

I'm not quite there in Be a Real Estate Millionaire. Can you explain with this lead on how I could do a lease option?

Here's a hypothetical Scenario: Let's say I am selling the home and you're offering a Lease option to me as the investor.

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Stevin

Monterey, California. That explains $345.00 per sq ft.

Stevin in Be a Real Estate Millionaire Lease Options are in Chapter 15 page 198.

I hope this helps.

Steve


Thanks! I just opened up the

Thanks! I just opened up the book to that page shortly before I looked at this thread.

Yeah its amazing how high property is out here. I'm just hoping one of my leads so far that I sent to my private investor finally gets picked up. I will never give up, but its frustrating when things fail.

Oh well, baby steps right? Failure is part of success.

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Bob57

Have you called the academy if you have money you should use the academy. The coaching staff will help you a great deal. I still call them all the time.

Steve.


your ad

Hi there - I dont quite understand your goal with this ad. Your asking $439k while showing comps below that figure?! I dont get it.

smasuda25 wrote:
So I'm still trying my hardest to get my first deal in, so far nothing is coming through. However, I thought I'd post this to get some tips or your opinion on this information:

Single Family
3 Bedroom 2 Bath Home
Sqft: 1,270
Lot size: 4,200 sq ft / 0.10 acres

Asking Price: $439,000

Total View estimate: $515,371

Zillow: $438,500

Similar homes are going for $365,000

What do y'all think? I have other properties I'm looking at, but I wanted to post this one first.


I have no money to spend at

I thought about the Academy as well, unfortunately I don't have the finances for that at this time.

Also the owner of the property is asking that price, not me. I have sent all this to one of my private investors, but I wanted to check with everyone here to see whether this is a decent deal or not.

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I have no money to spend

Hi - I dont see how this is a good deal. If I read your numbers correctly. He's asking $439k and the comps are $515k, $438k and $365k? I think you need better comps. Do you have a realtor on your Power Team? If not, I suggest getting one and having them running the comps for you. I find using these websites for comps can give you a general idea but no one but a realtor is going to get you accurate data.


I'll put out an ad and such

I'll put out an ad and such to get a Realtor on my team. I'm currently bird-dogging for a private investor that I found or rather found me through this website. Though I would like to get one on my team asap.

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do your diligent work

Stevin,

look at how much houses have sold recently in the neighborhood instead of how much they're listed for. Also, consider what condition the house is in; do your own estimate using Dean's spreadsheet to budget the repairs, and then calculate the value if you put it up for sale taking off the cost for repairs, commissions, closing costs, your fee, and that should give you a ballpark price of what you should pay for the house you're considering...

Valerie

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Valerie

“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss

"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown

My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...


Tight Margin

How long on market? Find out all the facts, liens, taxes, etc. Have you looked at it? What repairs does it need? Inspections cost. If a bank is going to look at it to see if they will lend you money? Have you considered closing costs and all that good stuff? I would be careful going by Zillow, and the others, especially here in CA. Its my opinion, that when you find out all the costs your margin will not be high enough.

~C~

PS
Do you have a buyers list? If not what would you do with it? Finding deals is the easy part, although I don't think this will be one.

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Charisse


I let that property go, it

I let that property go, it was not a good deal afterall.

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Comps are very important

Hi, If the comps (what similiar houses are selling for in the area) are selling for $365,000, I would pass on this deal. TotalView and Zillow gives an idea but buyers (for the most part) are going to look at what the house next door sold for within the last 6 months. Of course, most properties can work depending on which DG strategy you use, but I would not try to flip or assign this property. Just my thoughts... Nick

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Procrastination is the bad habit of putting off until the day after tomorrow what should have been done the day before yesterday. Napoleon Hill


Lease option?

Stevin, a lease option can help the seller eventually get close to retail value for a prop, even if it won't sell for that today. But the tenant buyer's monthly payments are based on rental rates for that area. That can't happen if the seller's price is nearly $75,000 higher than similar homes.


Charisse, I am building my

Charisse,

I am building my buyer's list. Though I'm bird dogging for a few investors right now, but I'm adding more to my list as we speak.

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Smasuda

Why would you pay their asking price when similar properties are selling for less? you need to get 6 comps from the agent. Comps will give you the ARV or full market value pricings and from that, you make a decision whether to buy or not.

Also, what is your exit strategy for this property?


As I stated, I passed on

As I stated, I passed on this lead. It was not worth my time.

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