OfflineI am looking into this one a little deeper, but I may be purchasing my first rental!
I was looking for a good invesment, when I was an ad that was $1. After reading the ad, it said the website wouldn't let them enter "Make an offer," so they put the price at $1. I contacted the buyer and asked them some questions. This is what I found out:
1. They owe $120,000
2. They moved out of town and don't want to deal with the rental anymore.
3. The house currently has a client under contract until July 2007.
I punched in the address on Zillow.com and the zestimate was $156,000 with no improvements. I'm thinking about offering them around $125,000 and seeing what they say.
Does anyone have any suggestions about how to finance to maximize cash flow?
Also,I thought about buying and trying to sell it, but letting the rent cover the mortgage in the mean time!
Any help???
-Adam
Hey Adam
Can you contact a realtor and get them to go on the MLS and pull the numbers on the house and run comps for that neighborhood?
I find Zillow to be way way off on their numbers. They usually over inflate what the property is actually worth. I don't want to see you get taken on your first one.
Sissy
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Thanks for lookin' out!
I told the seller I needed to do some research on the property before I gave them an offer, so that was on my to-do list! I did look up the tax info on the county's website and know how much taxes are and that they are current.
More to do though!
-Adam