Posted by Chris on September 16, 2003 at 09:45:06:
I don’t know many people who have $38,000 to put down on a property.
Try getting a Realtor to help you with getting more concrete comps.
Good luck.
Needed: Ad to sell a Rental I am flipping. - Posted by Bil in Vegas
Posted by Bil in Vegas on September 15, 2003 at 12:54:25:
Hi All,
I am trying to flip a potential rental property and Need one of your dynamite ads.
the house is
153k comps 207k
4/2 and 2/1
owc with 38k down
it needs real minor work.
the area is a 150 area, but this has large sf for area thus comps are in 1.5 mile radius.
east
fixer/rental
153kcomps 207k
OWC 38k dn$1800mo in rents!
xxx-xxxx
Does this sound okay, help!
Re: Needed: Ad to sell a Rental I am flipping. - Posted by Brent_IL
Posted by Brent_IL on September 16, 2003 at 13:12:20:
Do you own this? If you are buying at $153,000 with $38,000 down and advertising it for sale at $153,000 with $38,000 down, what?s it all for? At 1.17% of market value, the rents are O.K., but there is usually a pretty good disparity between $150,000 houses and $200,000+ houses, large square-footage notwithstanding. I can?t see how it would comp out at $207K in a $150K neighborhood unless you were using the income approach exclusively. Or this two-flat cost $500,000 to build.
If I read the ad as written, I would get the impression from the use of ?fixer/rental? that significant rehab expense would be necessary to bring the value up to $207K. Since the repair is very minor, instead of ?fixer,? I?d advertise $54,000 instant equity, provided the comps hold up.
IMO, Chris is right on both counts; $38K is a lot of money to put down and the comps need to be more concrete.