Yea! I finally have my first investment property locked up. It is in Canyon Lake, Ca. which is a guard gated lake community with swimming, boating, water skiing, wakeboarding, equestrian, tennis, golf, etc.
Three years ago this house sold for $730,000. The fair market value for this is $400,000 to $420,000 and we are selling it for $330,000. We need a cash buyer who can close quickly. To get the comps we used homes that sold in the past 3 months that were 3,000 sq ft - 4,000 sq ft. They ran around $108.00/sq ft for those not right on the water. We adjusted that upwards by $30,000 - $50,000 because it's right on a golf course and has a tremendous view. Make sure when you pull comps that your similar properties are inside the gate. Outside the gate prices are much lower. If you use the zip code or the city in your search it will give you both inside and outside the gate, which is not good.
The property is very clean inside and out. It sits on the top of a hill with a commanding view of the golf course and surrounding hills. It sits up high but the entrance is on the street level so you don't have to fight stairs for the main living quarters.
This home has aproximately 2,000 sq ft on a lower level that is currently roughed in but needs finishing that is in addition to the 3,470 sq ft for a total of around 5,000 sq ft. So you would be getting an awful lot of house for $330,000
I had a previous post requesting hard money sources to purchase this home but I thought someone might want to have me just assign the contract to them right off the bat. The home is in turnkey condition, and very clean. It a beautiful home. PM me if interested. Thanks. Mike
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Funding For My Fellow Investors!
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I'm in your area
Cool man lets talk.