OfflineOkay so within the past 3 days I have made a few contacts and have been talking to this Woman Real Estate Agent that has been very helpful with questions and understanding that I knew to the whole REI Business. Well she gave me a free website for foreclosure homes in Florida that I believe I found my first deal on through using this website.So I typed in the ZIP code where I want to start in since I know the area very well and I know the market of homes in the area pretty good. The deal that I found was a Foreclosure home that is under $100,000 and that is a HUGE HOUSE.
Asking price: $99,000
FMV on TotalViewRealestate : $182,217
Walk through score of 57/100 So it needs work, But not a lot from what it looks like.
SqFt: 3356
Lot Size: 14508
Property Type: Single Family
Year Built: 1962
Tax Assessment: $218,186
Year Assessed: 2008
Beds: N/A
Baths: 3.0
Rooms: 6.0
Garage: 0
Also the other comps in the area are going in the $230,000's for houses that are a 1/3 of the size of this one. And figure out how much the house would be worth APV after the whole thing has been remodeled and marketed to sell. So any advice would be appreciated that can help me out with this.
So now all I need to do is find a investor after I negotiate on the price to try to get it even cheaper then what it already is. I am so excited that this is going to be MY FIRST DEAL.
Jason
Never Give Up On Your Dreams
I also forgot to add it has a screened in patio with a BIG POOL.
Jason
Never Give Up On Your Dreams
Awsome work Jason, you should try to build your buyers list asap, That should have been first but lock it up and advertise all over the place.
good luck
Richie.
Yeah because I know I could make a large amount of money just on this one deal even if the investor paid the $99,000 asking price which is still around 50% off FMV. But what would be the best approach for building up a buyers list since I found this excellent deal. Also I would buy it for my self and remodel it with a few friends and family but and turn around and sell it for a huge profit.
1. I don't make enough money to even purchase a house for that price
2. I have a few things on my credit report I need to take care of to make my score go higher then the low 600's.
Jason
Never Give Up On Your Dreams
Well if your looking to buy and rehab it, you can partner up with a person with good credit and maybe even another with some money to lay out, fix it sell and split the profit of whats left after the money is paid back to all who layed it out.
To build your buyers list, go on Craigslist and look for people who advertise we buy homes, some investors advertise for bird doggers also. call them and find out what kind of properties they are looking for and what price range and if they can buy cash. make a list of them and you will have end buyers to sell to.
I would suggest you read Deans book another time and some of the forums to get more knowlege on the steps to take.
good luck
Richie.
Yeah I need to brush up on the Chapter that talks about Building a Buyers List again, It is just so much info to remember all at once. Also this what it says on the AD for the property
Agent Remarks
This is a large home in a nice area. Lots of square footage for the price. In ground pool. All measurements approximate, buyer must verify. Sold AS IS and WHERE IS with no representations or warranties, buyers responsible for verifying all. AS IS Contract and Addendums REQUIRED, NO EXCEPTIONS. Prequal letter or proof of funds to close REQUIRED . Allow 7 working days for sellers to respond to offers. Please reread and follow all instructions as ordered by Seller.
Jason
Never Give Up On Your Dreams
To me it seems like foreclose properties are a pain.
If it sounds to good,Most likely it is not. Just do your due diligence and find out why asking is 99k with area comps of 230k?
Invest in yourself!
Hey Jason,Is the property a pre-foreclosure?you mentioned the agent said the sellers have 7 working days to respond to a offer or is this the lender she's talking about?I am confused.
Dare yourself to fail!
I had the agent show me the house and it needs around $30,000 in remodel work including
.Updating the Cabinets
.Windows
.Doors
.Patio needs re-screening
.Some damaged drywall
To name the things it needs.
Also it was a foreclosure but now is a REO property and has only been on the market for a month.
Jason
Never Give Up On Your Dreams
It is now owned by the bank (REO Property), So my guess is that it takes them awhile to review the offer over and return it to you.
Jason
Never Give Up On Your Dreams