posibble first deal - Posted by Stephen Ford

Real Estate Investing
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Posted by Stephen Ford on October 05, 2003 at 13:58:19:

Michaela,

Wonderful to hear from you! Haven’t seen you around lately. As with all of my deals, this one was gone by the time I called :frowning: Oh well, there shall be more and I’m getting faster at spotting a good deal over a bad one :slight_smile:

Stephen

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posibble first deal - Posted by Stephen Ford

Posted by Stephen Ford on October 03, 2003 at 16:51:17:

Just got a call from a realtor that I’ve been working with on a possible deal. Burned out 3/3. Asking $39K for 4 months and dropped to $34K this week. It has been foreclosed on by the bank. Land is accessed at $17K and comps in the area (2 of the comparables on that very street) are $130K. I’m thinking of offering $20K and whole sale it for $30K. Escrow is minimum $500. I’ve got numbers on rehabbing but not on a total rebuild so I don’t know if I can unload this to a rehabber. What should my max offer be? What sort of profit could a rehabber make? Since it is a forclosure, I don’t need to worry with a title search do I?

Thanks,

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Re: posibble first deal - Posted by michaela-ATL

Posted by michaela-ATL on October 04, 2003 at 19:10:07:

Stephen,
congats! Hard to imagine getting something in the area for such a low price, where the comps are 130K. Good going! Get it under contract and offer it at the next ga reia meeting. good luck

michaela

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Re: posibble first deal - Posted by Heather -Tx

Posted by Heather -Tx on October 03, 2003 at 17:11:36:

If your comps and numbers are all correct, which I am assuming they are, and you could get it for 20K you should have no problem moving it. Just look for investors that do burnt homes… alot won’t but some do. I would jump on this if it were me. If it’s an average size house in my area… say 1500 Sq Ft, it wouldn’t cost over 50K tops to redo it.

Things may differ where you are, I am speaking of here in Houston Texas, your milage may vary :slight_smile:

Heather_Tx