Posted by Nate(DC) on July 29, 2003 at 11:50:30:
“if you know any rehab investors please provide their contact info.”
Yeah, ME!!! Email me at the above address (remove the NOSPAMs)
NT
Need help with shell purchase in DC!!! - Posted by KL
Posted by KL on July 28, 2003 at 01:18:28:
Sorry guys but this is somewhat of a repost, wanted to hear from people in the DC metro area …
Hello all, I am a newbie and this is going to be my first deal. I currently have the opportunity to purchase a burned out shell in a very hot and upcoming area where I live. The problem is honestly I don’t know where to start in calculating my offer to the owner. I have a wholesale buyers list though I’m thinking of taking this one on with a partner to provide good credit. Are there any formulas that some of you use to calculate this? Here are some details …
Property records show:
SFR (townhouse) built 1910, 4 br/ 4 ba. 3 levels, 2070 sq.ft
last sale info on the house was in 1987 for a purchase price of $85,000.Land is currently assessed @ $61,890, Improvements @ $46,440 for a total value of $108,330.
The last sale prices for similar properties in that neighborhood are around $300,000.
It’s my gut feeling this will need to be a total rehab though, so I’d like to come up with an offer that will leave enough profit for a rehab investor to make it a good deal. I’m thinking I might just pay this guy for the land?? Please share some of your similar experiences, thought process etc. Any contacts for contractors, hard money lenders, mortgage brokers etc would be very helpful!
Re: Need help with shell purchase in DC!!! - Posted by Nate(DC)
Posted by Nate(DC) on July 28, 2003 at 13:05:38:
If the after-repair value is $300K, I would figure about $100,000 in hard costs to do a total rehab. I am just finishing one up right now that is a slightly larger house and we spent about $120,000. I do not think it can be done well for a lot less than that.
If you could get this for around $100,000, I’d think that would be a good deal. What part of town is it in?
NT
Re: Need help with shell purchase in DC!!! - Posted by KL
Posted by KL on July 29, 2003 at 08:48:16:
It’s in Columbia Heights. Yes that’s the ballpark quotes I’ve been getting, around $100K - $150K. I think I’m just going to flip this one to a rehab investor. Who did your rehab work for you, and if you know any rehab investors please provide their contact info. Thanks Nate! Is yours a condo conversion or SFR? There appears to be a lot of condo conversions from SFR in the Columbia Heights area.