Posted by igor(IL) on September 22, 2003 at 10:28:12:
Hi Caron,
Though I am a newbie, from what I understand is that when you look for junkers, you want to find a worst looking house on a block. Don’t count on your house being the nicest, as it will be influenced by the neighborhing houses. I would estimate After Repaired value to be similar to what similar houses on the block/street are going for.
Igor(IL)
RE: Junker for a first timer - Posted by Caron
Posted by Caron on September 21, 2003 at 08:51:02:
Hi everyone!
I have a couple deals I am considering - one is a house that has been vacant for over a year in a not-so-good part of small town. It needs about 15 -20k of work, - all cosmetics need to be replaced - but has a lot of potential to be the cutest house on the street. The asking price is 50k, FMV about 85k. I was thinking about offering 30k.
Is this a good deal?
Anything that I need to be watching out for in a rehab?
How should I draw the line when looking at properties that need work - when is it not worth all the effort?
Any suggestions would be great! Thanks!