Found a house for sale, is it worth it - Posted by Roger


#1

Posted by Irwin on October 27, 1998 at 06:44:17:

is that a very inexperienced person is trying to deal in out of state property. IMHO this is a disaster waiting to happen. He would do better to get out of the house and start scouring the neighborhoods around home for deals.


#2

Found a house for sale, is it worth it - Posted by Roger

Posted by Roger on October 26, 1998 at 17:49:55:

Price: $42,500.00 Best Offer Beds: 3 Baths: 1.00

Category: Single Family Home Classification: Resale Homes by Owner

Sq. Footage: 950.00 Age: 31 to 40 years

Garage: 0

Just using this as a example (but will lease it if a good deal)

I have found this house using the yahoo classified ad. This guy who is selling this house lives out of state and is willing to lease option.

Now suppose I look at this house and finds it needs some repairs and yard work. Suppose I get the house appriased it and it is $45,000. ( which article tells how to get it appriased?) If I can get it down to $39,000 for me to buy it and $345 a month on lease(Is that reasonable?) turn around sell it for $47,000 (5% over the appraised value) and $450 a month on lease.

Now that I assume it is worth it, but my thinking on it sound improbable. Am I missing something or I am not thinking right on how this lease works? More Importantly should I look into it for real and see if I can profit from it? I only been studying


#3

Re: Found a house for sale, is it worth it - Posted by Joe Kaiser

Posted by Joe Kaiser on October 27, 1998 at 04:29:35:

Roger,

A house is worth whatever some fool will pay . . . no more and no less.

The problem with your plan is the appraisal. They cost money and take time. You probably don’t want to be investing a whole lot of either if this isn’t a deal that will fly.

See what this guy will do and write it up if it sounds like what you need. Then spend the next couple weeks marketing it like crazy and if you hook a buyer, you do the deal. If no buyer is forthcoming (you’re asking too much), then you get back with the seller and let him know you are unable to proceed and it’s back in his lap. As long as things are set up this way ahead of time, it’s not a problem tying him up for a week or two.

Joe