flip scenario - Posted by joey

Real Estate Investing
#1

Posted by Michael (tejas) on March 13, 2001 at 15:24:35:

You are making the classic newbie mistake in flipping:
getting too greedy. FMV is 42K and you want 35-38K?
No way.

If no repairs are needed you could probably flip it
for 29K. More likely you might be able to get what
you paid for it.

Michael (tejas)

#2

flip scenario - Posted by joey

Posted by joey on March 13, 2001 at 13:55:14:

Newbie needs advice on first flip: I’ve under contract a single family for 25k, appraised 6 mos ago for 42k. Looking to assign for 35-38k to investor. The catch(es):

  1. Three liens on house- town tax, state tax, and IRS
  2. contract stipulates buyer to pay all closings, buyer and seller; current owner is totally broke, out of state and has left house to be foreclosed upon.
    If anyone has seen or heard of anything similiar please drop me a line, and/or, any other ideas are welcome
    thanks