Analysis paralysis. - Posted by Jason-Fl

import · February 15, 2002, 8:25am

Posted by DavePA on February 15, 2002 at 10:20:56:

Not sure where in Fl it is, but here is my .02 It depends on what YOU want. Do you need the cash now? If so, then flip it. If you want to hold for the bigger $$ then fix it and hold it. Not sure how rough of an area, but if the #'s are good then go for it!! I would start LOW and offer 22K just to see what the bank comes back with. They just might say YES? Now, you get a property for 22K + repairs 20K = 42K Forget what the Realtor said about 90-95K it is whatever that area can bear. You know you can get atleast 80K right? You still made 38K not too bad!! Good Luck, dave

import · February 15, 2002, 8:25am

Posted by Jason-Fl on February 15, 2002 at 09:25:57:

Hello, I have been a holder of rental properties for about 8 years. I have recently stumbled onto LeGrand’s Wholesale/Retail course and have been beating the streets since I have recently become victim of the tech wreck and all the layoffs. I have about 15k in CASH excellent credit, about 90k in equities in rental properties and about 30k in my home. I have the reddest eyes you’ve probably ever seen. I have been reading almost day and night, listening to LeGrands cd’s and reading up on creonline.com I called on a junker property, as I am attempting to generate cash to keep my head above water, and here is the scoop.

REO
2 Bedroom, (Used to be a 4 bedroom but walls are gone!), 2 bath, 2166 heated sq ft home. In a somewhat “rough” area of town.

Listed price: 49,900
Comps: 4,3, 2 car garage, 1600 sq ft. that sold Dec 01 135k

a 3,2, no garage, 1200 sq ft. home, sold june 01 88K

All other sales have been over 2 years ago. Some here and there but most appear to be Quit Claim deeds and appear on Tax Records for $100 QD

Realtor I’m dealing with said property after repairs should be around 90-95k.

I estimated initially around 15k in repairs, but after a second inspection, might be leaning towards 20k.

Do I have a deal here? Agent said Bank might be willing to let this one go. If so, being somewhat new to this should I Rehab or Wholesale? I’m not a handy or crafty person. Up until recently I’ve been a techie. But I like the possibility of not travelling 5 out of 7 days a week. I’m surprised my daughter remembers who I am half the time. I can’t continue this route and am dying for some guidance.

Respectfully,
Jason