what about this deal? - Posted by Roberto
Posted by Roberto on November 29, 2000 at 18:43:20:
Seller owns property free and clear. Wants 30k, owes 4600 in back taxes. Sherriff’s sale end of March.The place is trashed!!!
Say I pay her 25k, tops. She pays the taxes. Carpet-2000, Siding-2000, Electrical-1000, Trash removal-1000, Paint-2000, Clean, exterminate-1000, Windows-1000, Carrying costs, 1500. I hire out all of the work. These figures are conservative estimates- I think I can get away with less than this.
The house is worth 49900-52000 if it’s fixed up. Let’s say I sell it for 47900, after agents and costs, I get 41637. That’s a net of $5137.
Have I covered all the financial bases? Is this a deal worth doing? Thanks!