I found a 3/2 house that needs some work. Bank just reduced to $26,900....I'm planning to offer under $10k. I'm still nervous about financing the purchase price plus enough to fix it up...or find someone to help with the financing.
Congratulations for starting your journal and taking action. Do not be afraid to make low offers, you can always come up from there. Just make sure you know the after repaired value and try to figure out how much is the most you can offer to still make a profit. The repairs can run higher so be sure to add in a few extra dollars for repairs. Good luck with this potential deal and all your future real estate deals! Believe and Achieve! - Joe
Thank you Joe. Your words of encouragment are greatly appreciated. I plan to drive by the property this evening to scout out the house and the neighborhood. The pictures depict a house that seems very neglected/run down. Being my first attempt at this, I'm just concerned about obtaining the financing to purchase the property and additional funds for repairs/reno. As with many Americans, this year has brought a furlough, depleted savings, and damaged credit (after 15 years of superb ratings). I do want to get the best deal, appropriately budget the repairs and make a good return when the house is flipped.
I have enjoyed reading of your successes the past few month. Congratulations and I hope I, too, can be successful in this journey.
Okay, I am getting stoked about this. I finally made it by the house tonight to check out the exterior and the neighborhood. The home does appear run down a bit, but what a wonderful neighborhood. Tonight, I posted an ad on a website to seek investors. This is the part that has me the most concerned. Should I wait until I have financing in place before making the offer to the bank or should I make my low offer and if accepted hope for financing based on acquiring the property well below appraised value?
Thanks again DG family for all of your support and advise. It is greatly appreciated.
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I found a 3/2 house that needs some work. Bank just reduced to $26,900....I'm planning to offer under $10k. I'm still nervous about financing the purchase price plus enough to fix it up...or find someone to help with the financing.
Pray for me as I really want this to work out.
Congratulations for starting your journal and taking action. Do not be afraid to make low offers, you can always come up from there. Just make sure you know the after repaired value and try to figure out how much is the most you can offer to still make a profit. The repairs can run higher so be sure to add in a few extra dollars for repairs. Good luck with this potential deal and all your future real estate deals! Believe and Achieve!
- Joe
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Thank you Joe. Your words of encouragment are greatly appreciated. I plan to drive by the property this evening to scout out the house and the neighborhood. The pictures depict a house that seems very neglected/run down. Being my first attempt at this, I'm just concerned about obtaining the financing to purchase the property and additional funds for repairs/reno. As with many Americans, this year has brought a furlough, depleted savings, and damaged credit (after 15 years of superb ratings). I do want to get the best deal, appropriately budget the repairs and make a good return when the house is flipped.
I have enjoyed reading of your successes the past few month. Congratulations and I hope I, too, can be successful in this journey.
Thanks again!
Okay, I am getting stoked about this. I finally made it by the house tonight to check out the exterior and the neighborhood. The home does appear run down a bit, but what a wonderful neighborhood. Tonight, I posted an ad on a website to seek investors. This is the part that has me the most concerned. Should I wait until I have financing in place before making the offer to the bank or should I make my low offer and if accepted hope for financing based on acquiring the property well below appraised value?
Thanks again DG family for all of your support and advise. It is greatly appreciated.