Bank Repo - Posted by batpro
Posted by batpro on June 09, 2006 at 11:44:29:
Ok, this seems like a great deal to me but I need some help.
2001 Radco 3 br, 2 bath, 1568 sq. ft. double wide on 5.5 acres. Tax assessed value is $107,800.
It has already been foreclosed upon and is for sale by the bank. It needs a new septic within 2 years and a new well. It does not have a garage.
I suspect I can get this property for $40,000-$45,000.
What is the best way to make money on this property quickly?
What type of loan would be best for me. I have excellent credit 750 score.
Should I tie it up with a contract then try to advertise it and sell it for $10,000 more as is?
I really think I would need to invest in the well and septic and put a garage on the property to make it a faster sale. But I can add $20,000 for those costs. So therefore I would have $65,000 into it and it then would sell for $105,000 - $110,000 fairly quickly I believe.
My main interest is to make money quickly. Any investors.
This property is in Minnesota. What type of loan am I looking at for the purchase and additional costs to fix up?
Any suggestions what others would do with this property to make money? These newer doubles wides on 5 acres are selling for around $100,000 to $120,000 or more. The tax assessed value on the house is $75,000 and the land $32,000. A conservative rent rate for this would be about $600 per month in this area. Taxes $700 per year.