BUYING FIRST INVESTMENT PROPERTY - Posted by TAMERA HUDNELL

Posted by Nate(DC) on July 16, 2002 at 23:04:54:

Advice: move on. She wants $45K when a larger house next door sold for $34K AND her house is condemned meaning it needs major repairs or torn down. You’d probably have to pay me to take this house based on what you have told me. If this is your first investment property it could well be your last as well.

NT

BUYING FIRST INVESTMENT PROPERTY - Posted by TAMERA HUDNELL

Posted by TAMERA HUDNELL on July 16, 2002 at 22:24:43:

Seller wanting 45K for 3/1 and house appraised at 65K
according to the seller. I went to city appraisal web site and house market value is 26,500. The house next door sold in 3/8/02 for 34,000 and is 1,800sqft. Seller’s house 1300sqft. and built in 1936. What would be a good offering amount on the house? She is a motivated seller with five children living in North Carolina and has no car. Seller declared bankrupcy to save her house. Her house is also condemed. House is not in forecloser. I dont believe house is free and clear. Any advice would be appreciated. Tamera

Re: BUYING FIRST INVESTMENT PROPERTY - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 16, 2002 at 23:38:57:

TAMERA HUDNELL---------------

I agree with Nate(DC)–PASS!

I feel that if you can not tell that this is a terrible deal, you are not ready yet to lay out your money for a real estate purchase. I don’t know how much studying you have done, but you have a whole lot ahead of you, in my opinion.

Yesterday or Sunday I posted a response to somebody who asked “what value is a seller’s appraisal?” a couple of other people posted to that question also. I suggest that you read those posts right away.

My suggestions for beginners can be found by typing “beginners success” into the search function on this main bulletinboard forum of the CREONLINE.COM web site or on the board2–Carleton Sheets forum. You might find that helpful to you.

Good Investing*************Ron Starr***********