Analysis paralysis. - Posted by Jason-Fl
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.
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.