Posted by pat on April 12, 1999 at 01:02:02:
Eric,
sounds ok so far but need more info
check with someone like a realtor on comps in in that block,also check your $ on re-hab . get quotes
can you get terms? what are the rent income comps
will you keep or sell this
write back PAT
Possible Deal? Would Like some Advice from the gurus - Posted by Eric
Posted by Eric on April 11, 1999 at 19:22:38:
I have been trying to find my first deal.
Situation:
Owner got burned on an owner owner financed deal and basically just wants to cash out. She is asking 50k on the property. The county tax records show it has a value of 68k. (which is normally quite a few K under what they sell for. I think that i can get it in the low 40’s and it will need at a minimum of 10 in fixup. the people that were buying left it looking like a war zone. The house itself will need new carpet, alot of sheetrock, tile in the kitchen, possibly some plumbing joints, you get the idea. It is 2400 sqft. Houses in good condition in an area not far sell for 79k and up FMV. One of the things that concerns me is that there is a creek/ditch going right through the back yard. I see some signs of erosion on the ground itself. The concrete area in the back around the pool shows signs of settling, ie dirt moved by water and upper dirt is settling in. Its a fairly safe distance from the house and the foundation of the house looks decent. The engineer in me has figured a way of stopping that, but would probably chew up everything if I did, but that might be going to far. Im sure I could get the house fixed up in maybe 2 months.
Question is does this sound like it could be a good deal, or a pass situation. I know this is not alot to go on but something about that creek in the back yard is bugging me.
I would like some opinions on this…
Thanks in Advance
Eric