OfflineI have found a multi unit property that is listed at around 160k below market value in its current condition. It needs some repairs but has a great deal of equity in its current condition. Should I try and lock it up under contract and sell it to an investor in its current condition? Or should I take a different approach and try to do the repairs to increase the value. I would like to make a move on this property tomorrow and could use whatever help I can get. I'm just finishing the book and don't fully understand which strategies I should use. Any advise would help a great deal. Thanks
Don't spend so much time planning for the future that you miss out on everything you planned for. Get out and get it! Concentrate, Elevate, Dominate and Innovate.
Can you provide some details, minus the address so we can guide you on an answer?
The multi unit property has 4 units, 10k square foot lot and is not in the best area in town. When this property first posted online it had an appraised value of $377,000 and was for sale for $190,000. I contacted an agent in the area and he feels the property is in foreclosure and the owner may owe more than its worth. Now on the same website it is no longer listed for sale but is now posted without a status, so I am waiting for the agent to get back to me with more info. I went and saw the property myself and it has some cosmetic issues and is not in the best area in town so I would like to buy and flip or possibly assign. There is a complex directly across the street from this one which looks to be extremely similar and has the same square foot and lot size that is currently appraising for 250k. Not sure why there is such a big gap between the two.
Don't spend so much time planning for the future that you miss out on everything you planned for. Get out and get it! Concentrate, Elevate, Dominate and Innovate.
I love it when someone goes and reads the book and just TAKES MASSIVE action! That is where the real learning begins! Good for you!
Get the property under contract, but be careful to make sure you have an inspection period; TRY to get 14 days inspection period. When you get it locked up, please let us know!
START ADVERTISING IT NOW! But DO NOT advertise the address or give the address out until you hold the contract.
If it is a short sale or REO there are a few things you'll need to learn, HOWEVER, don't let that stop you! DG family will help you!
Do NOT get discouraged because you don't know what you are doing fully. This community is awesome for getting help. You can always come here to ask any and all questions; don't be afraid to say you don't know the answer to something and make the most of the situations. On the way you will probably make some mistakes, they will be very valuable to you as a growth experience, and the next deal won't be so scary. There is so much to learn and there will NEVER be a time you know enough.
Keep up the good work! An remember, to master something takes over 10,000 hours. 6 months is about 400 hours; so you only get that mastery with action!